Blog: Ireland to receive €1bn from EU’s post-Brexit fund – RTE.ie

The EU will shortly make €600 million available for European fishing communities hit by Brexit and a further €3.4 billion for other sectors, sources have told RTÉ News. 

The funds are part of the so-called Brexit Adjustment Reserve, worth €5 billion, agreed in principle by EU leaders last year.

The Irish Government is expected to apply for funds to help the fisheries and agri-food sectors in particular.

The fishing industry will be badly hit as a result of the EU/UK Trade and Cooperation Agreement (TCA) concluded on Christmas Eve. 

The EU has agreed to cede some 25% of the value of fish quota caught by EU boats in UK waters over a five-and-a-half-year adjustment period. 

Irish prawn and mackerel fishermen are likely to be hardest hit, as the UK will seek a greater share of those stocks, which are among the most valuable to the Irish fleet. 

The Brexit Adjustment Reserve will be paid out in 2021 through what is called pre-financing.

This means the monies will be regarded as an emergency solidarity payment to the countries hardest hit by Brexit so will be paid up front in 2021. 

Member states in receipt of the funds will then be subject to a detailed audit in 2023 and will have to show then why the allocations were necessary.

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