The European Commission announced it will allocate €920.4 million to Ireland from its Brexit Adjustment Reserve.

The Commission said Ireland is the biggest beneficiary of the Brexit Adjustment Reserve and the first member state to receive its pre-financing.

This funding will help Ireland’s economy “in mitigating the impact of Brexit” through support to regions and economic sectors — including on job creation and protection such as short-time work schemes, re-skilling and training.

“Brexit has a negative impact on all member states, but in different ways,” said the Commission.

“Some member states, regions, sectors, or local communities are more affected than others.

“The Brexit Adjustment Reserve of €5.4 billion has been put in place to support all member states while ensuring a strong concentration on those most affected.”

Commissioner for Cohesion and Reforms, Elisa Ferreira, said: “Brexit has had a negative impact on many people’s lives.

“Within the EU, it is the people in Ireland who feel it the most.

“The EU’s Brexit Adjustment Reserve stands for solidarity with those most affected. In moving forward, we don’t want to leave anyone behind.

“The funding that Ireland will receive will contribute to improve living standards, support economic growth in the country and mitigate the negative impacts in local communities.”

Ireland will receive €361.5 million in 2021, €276.7 million in 2022 and €282.2 million in 2023.