MEPs have overwhelmingly voted in favour of the €5 billion Brexit Adjustment Reserve with one fifth of the amount being allocated to Ireland.
The European Parliament and the European Council agreed on the reserve fund which was supported by a majority of MEPs. There were 652 votes in favour, 32 against and 11 abstentions.
Parliament confirmed Ireland would be the largest beneficiary “by far” with €1billion being allocated. Netherlands will be the second beneficiary with €810m, followed by France with €670m.
It was agreed by Parliament hat expenditure incurred between 1 January 2020 and 31 December 2023 will be covered by the fund.
Measures that qualify for funding include support to businesses; supporting local communities; creating jobs and supporting EU citizens to re-integrate.
Member states with a large dependancy on fisheries will need to direct a specific percentage of their national allocation to small scale coastal fisheries and communities dependent on fishing activities.
LSL NEWS.