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European Union to allocate €5 bln for countries and companies affected by Brexit

Christian Fernsby |
The European Union is set to allocate €5 billion until 2025 to all countries and companies that have been affected by the UK’s withdrawal agreement.

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In an announcement, the European Parliament confirmed that such an amount would help companies as well as countries that have been affected by the withdrawal agreement to recover from such damages.

“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.

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. The EU Parliament has clarified that the countries that suffered the most profound damages from Brexit will receive the most significant financial support.

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 and Poland €158,701,512.

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