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€1 billion Brexit Adjustment fund to help border communities

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Colm Markey MEP.

Colm Markey MEP.

Colm Markey MEP.

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Louth MEP Colm Markey has welcomed the European Parliament’s approval of a €5 billionBrexit Adjustment Fund, saying it will help the coastal and border communities which have been hit hardest.

"The objective of the fund is to provide financial support to countries and sectors worst hit by the UK’s withdrawal from the European Union. Ireland, as the member state most impacted, will be the largest beneficiary with an allocation of just over €1 billion.

Speaking from the European Parliament in Strasbourg, the Midlands-North-West MEP said, “I’m pleased that MEPs have formally backed the deal reached between the Council of the EU and the European Parliament. I and other Irish MEPs fought hard during the negotiating phase to ensure Ireland received its fair share following attempts by some bigger countries to change how the fund was to be allocated. The fact that Ireland is receiving over 20% of the overall funding is an acknowledgment that we are the Member State most impacted by Brexit and is a reminder of the solidarity shown to us by the EU since the UK left the bloc. The result means the funds can now start to flow and we can begin implementing measures to deal with the Brexit fall-out.”

As part of the agreement, the Brexit Adjustment Reserve must be used to counter the adverse consequences of Brexit and can include support to businesses, local communities and job creation as well as developing new markets. A minimum envelope dedicated to the fishing sector has also been agreed.

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Colm Markey added, “The coastal and border counties in my constituency have suffered massively as a result of Brexit and I’m calling on the Government to ensure that support is targeted at those communities, particularly the fishing sector. I am conscious that the fund is a short-term financial instrument and Brexit will continue to have a negative impact on our economy however, it is a first step in addressing the mounting challenges facing business owners, local communities and fishers in recent months and years.”


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