Minister McGrath welcomes €1 billion from the EU’s Brexit Fund
Michael McGrath TD, Minister for Public Expenditure & Reform, has welcomed the proposal from the European Commission to allocate €1.05 billion to Ireland from the Brexit Adjustment Reserve (BAR).
Speaking today Minister McGrath said: "The Brexit Adjustment Reserve represents an important response by the European Union to the challenges posed by the UK’s departure from the EU. An Taoiseach played a leading role in securing support for the Reserve at the marathon European Council meeting last July".
The purpose of the Brexit Adjustment Reserve is to help counter the adverse economic and social consequences of Brexit in the Member States and sectors most affected. It will have a total value of €5.4 billion, with Ireland’s proposed allocation representing a quarter of the fund.
Minister McGrath said: "It is generally acknowledged that Ireland is the Member State most impacted by Brexit and so it appropriate that we would be a significant beneficiary".
Yesterday’s publication of the proposed allocations for Member States follows the publication of the BAR proposal by the European Commission on Christmas Day. Negotiations at an EU level will now get underway.
Minister McGrath added: "Last week, along with my colleague Paschal Donohoe, I briefed the Government on the Commission’s proposal and we will be returning to Government in the coming weeks to set out how we will maximise the benefit of the BAR for Ireland".
Areas for support from the BAR will include fisheries; enterprise supports; supports for the agri-food sector; reskilling and retraining; and infrastructure for the ports and airport.
Ireland has already spent a considerable amount on preparing for Brexit, with successive budgets since the UK referendum providing significant supports for business and the agri-food sectors, as well as the infrastructure required at the port and airport to maintain the flow of east west trade.
Minister McGrath said: "The Brexit Adjustment Reserve can be see alongside the EU’s Recovery & Resilience Facility as the EU’s twin responses to the challenges of COVID-19 and Brexit. My Department will be responsible for the roll out of these two important funding streams".
Contact:Claire Godkin - Press Officer, Department of Public Expenditure and Reform - 085 806 3969