The European Union will allocate a total of €5 billion until 2025 to all countries and companies that have been affected by the UK’s withdrawal agreement, the European Parliament has confirmed through a statement.
According to the announcement, such an amount would help companies as well as countries that have been affected by the withdrawal agreement to recover from such damages, SchengenVisaInfo.com reports.
“To help Europeans adapt to the changes, in July 2020, EU leaders agreed to create the Brexit Adjustment Reserve, a €5 billion fund (in 2018 prices) to be paid until 2025. EU countries will start receiving the resources by December, following Parliament’s approval. MEPs are expected to vote on the fund during the September plenary session,” the statement reads.
During the period that the United Kingdom was officially part of the European Union, citizens from both territories were able to enjoy several benefits; however, since the beginning of this year, new rules have started to be applied.
Travelling to the European Union countries was much easier for UK citizens when the UK was part of the EU; however, citizens are now obliged to follow travel requirements that all third-country citizens follow, including passport rules and other requirements if they want to continue to live in the EU countries, in the post-Brexit period.
The United Kingdom left the EU on January 31, 2020. From January 20 until December 31, 2020, the ratified Withdrawal agreement, reached by the EU and the UK authorities, was kept in place.
When the Brexit period came to an end, it was also the end of the free movement, goods, and other benefits that citizens from both territories could enjoy; therefore, the EU fund would support people, companies, and countries to recover from such damages.
The EU Parliament has clarified that the countries that suffered the most profound damages from Brexit will receive the most significant financial support.
According to the Parliament, the following countries will receive the most help;
- Ireland €1,064,999,515
- Netherlands €810,095,209
- France €672,296,868
- Germany €590,995,101
- Belgium €353,330,180
- Denmark €251,350,466
- Spain €249,017,720
- Poland €158,701,512
In order to determine the amount of money for each country, the Parliament took into consideration three main factors; “the importance of trade with the UK, the value of fish caught in the UK exclusive economic zone and the size of the population living in EU maritime regions closest to the UK.”
Such measures would help in job creation, reintegration of the EU citizens who left the UK due to Brexit, support businesses, and other similar actions.