On Wednesday, the European Parliament (EP) approved a majority of $ 5 billion to help member states deal with the economic, social and regional consequences of Britain’s exit from the European Union (EU).
The agreement to establish a special fund was reached in June by negotiators between Parliament and the Council of Europe, according to a press release from the EP Press Center. It was supported by 652 MPs, 32 against and 11 abstentions.
In 2021, 1.6 billion will be distributed. The remaining 4 3.4 billion euros in 2022 and 2023 will be followed by two phases of 1.2 billion euros. The last billion is expected to be disbursed in 2025.
Allocation of funds to each member state takes into account three factors, namely the importance of trade with the United Kingdom, the importance of fishing in its exclusive economic zone and the number of people living in neighboring waters.
In its entirety, Ireland (approximately 1 1 billion) will be the largest beneficiary, followed by the Netherlands (UR 810 million), France (UR 670 million), Germany (UR 590 million) and Belgium (UR 350 million).
Necessary approval of the Council of the European Union
Member states that rely heavily on fisheries should allocate a certain percentage of their resources to small-scale coastal fishing and local and regional communities involved in fishing activities.
In order to complete the legislative process and disburse financial assistance, the Brexit adaptation fund must be duly approved by the EU Council.
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