Press release
Ministers Coveney and Byrne welcome Brexit Adjustment Reserve
From Department of Foreign Affairs
Published on
Last updated on
From Department of Foreign Affairs
Published on
Last updated on
The Minister for Foreign Affairs, Simon Coveney TD, and Minister of State for European Affairs, Thomas Byrne TD, welcomed the announcement today (17 June) that the Council of the EU and the European Parliament reached agreement on the €5 billion Brexit Adjustment Reserve.
In recognition of being the Member State most impacted by Brexit, Ireland will receive more than €1 billion from the Adjustment Reserve, the largest allocation to any Member State.
Welcoming the announcement, Minister Coveney commented that:
"The allocation of just over €1 billion to Ireland from the Brexit Adjustment Reserve reflects the continued high level of solidarity for Ireland from across the EU. Brexit has had a unique and disproportionate impact on our economy. This allocation will build on the substantial government supports already in place for operators affected by Brexit. We will ensure this EU funding flows to the traders and sectors where it is needed most, including those in our fishing sector."
Minister Byrne stated:
"It has been clear in all my engagements on the Brexit Adjustment Reserve with the Commission, the Presidency, the European Parliament and across the EU, that our partners recognise the adverse effect Brexit has had on Ireland. Ireland’s allocation of over €1 billion from the Reserve is concrete evidence of their support. The government remains committed to assisting businesses dealing with Brexit challenges and we will ensure this funding is delivered to our most impacted sectors."
Following the publication of the Commission’s proposal for the Brexit Adjustment Reserve on Christmas Day 2020, the government lobbied strongly in Brussels and across the EU to ensure Ireland’s interests were promoted as negotiations moved through the European Parliament. The swift conclusion of negotiations between the Council and the Parliament after only one round of negotiations (trilogue), recognises the importance all parties gave to supporting the Member States and sectors most affected and ensuring the funding from the BAR could flow as soon as possible.