EU approves €2bn more for countries hit by Brexit

The European Commission said it has approved the disbursement of more than €2 billion under the Brexit Adjustment Reserve to a group of 12 member states.

This decision will make available a total of €819.2 million by the end of March 2022 and the rest by April 2023.

“This funding will help the economies of the member states in mitigating the adverse impact of Brexit on their economies and regions, through support to regions and economic sectors, small and medium sized companies as well as job creation and protection, such as short-time work schemes, re-skilling, and training …” said the Commission.

“Brexit has a negative impact on all member states, but in different ways, as 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 with a strong focus on those most affected.

“The financial contribution from the reserve to a member state will be implemented under shared management.

“It does not need advanced programming or planning of measures and provides flexibility in the implementation in line with the subsidiarity principle.

“The regulation establishing the reserve entered into force on 6 October 2021.

“Ireland and Italy were the first member states for which funding from the Brexit Adjustment Reserve was disbursed, in December 2021.

“By the end of March 2022, 14 member states will have received their first instalments of their pre-financing.”

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

“The Brexit Adjustment Reserve was set up and adopted in record time to help Member States mitigate the adverse economic, social and territorial consequences of Brexit.

“Now it is up to Member States to make the best use of the available funding to support regions, local communities, citizens and small and medium businesses to diversify their activities, keep jobs and reskill the workforce where necessary.”