EU welcomes adoption of Brexit Adjustment Reserve for SMEs

Polls reveal voters want to reverse Brexit

Polls reveal voters want to reverse Brexit. image: flickr

With an amount of €5.4 billion, the Brexit Adjustment Reserve will counter the adverse consequences of the withdrawal of the United Kingdom from the EU for small and medium-sized companies, regional and local coastal communities in the EU. 

Commissioner for Cohesion and Reforms, Elisa Ferreira, said: “The Brexit Adjustment Reserve is a clear expression of European solidarity. The withdrawal of the United Kingdom from the EU has had significant adverse economic and social effects all across Europe. I am now happy to say that we have the legal basis to disburse the first amounts of pre-financing to help those most affected by Brexit.”

All EU Member States will benefit from the Brexit Adjustment Reserve resources, but the allocation will be focused on those hardest hit by the UK’s withdrawal, especially with regard of trade with the UK, fisheries within the UK’s exclusive economic zone and the importance of neighbouring links for the maritime border regions with the UK.

The largest part, €4.3 billion, will be disbursed as pre-financing in three annual instalments until 2023 while the remaining resources will be made available in 2025.

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Deirdre Tynan

Deirdre Tynan is an award-winning journalist who enjoys bringing the best in news reporting to Spain’s largest English-language newspaper, Euro Weekly News. She has previously worked at The Mirror, Ireland on Sunday and for news agencies, media outlets and international organisations in America, Europe and Asia. A huge fan of British politics and newspapers, Deirdre is equally fascinated by the political scene in Madrid and Sevilla. She moved to Spain in 2018 and is based in Jaen.