Ireland to receive €1 billion from EU Brexit fund

Ireland will receive over €1 billion in funding from the European Union from their Brexit Adjustment Reserve, which has been set up to assist EU member states that have been hardest hit by the effects of the United Kingdom leaving the EU.

Ireland has been allocated the biggest amount of money of any EU country from the reserve, just over 20% of the total €5 billion fund.

The Government say that the reserve money will go to businesses who have lost trade as a result of Brexit, as well as preserving jobs, aiding fishing communities as well as building customs facilities at ports.

The EU has stated that of the overall €5 billion reserve, €4.15 billion will be dedicated to trade and businesses, €600 million will be for fishing industries, and €250 million will go to establishing port customs facilities.

There is currently no breakdown of exactly how the Irish Government will spend their €1 billion portion of the reserve money.