Essential Business

Portugal to net €58.2M to offset Brexit effect

 In Brexit, News

Portugal should receive at least €58.3M from the reserve fund created by the European Union to support those economic sectors most affected by Brexit said the EU Commission on Wednesday.

This amount, at current rates, will be in respect to the first instalment from this post-Brexit reserve fund.
After the announcement of the creation of this reserve fund in December, the European Commissioner for Cohesion and Reforms, Elisa Ferreira specified the exact amounts each country would receive.
On her Twitter feed, the commissioner said the adaptation fund of around €5Bn would be distributed to all of the 27 Member-States, with the aim of supporting “countries, regions and the sectors most affected.”
According to the EU, around €4.25Bn at current prices will be paid this year while the remainder €1.1Bn will be paid out in 2024.
Based on a table published on the internet, Ireland and Holland will be the main beneficiaries of the adaptation reserve, in a list that is also headed by Germany, France and Belgium.
Like Portugal, Ireland will get €1.052Bn, Holland €757 million, Germany €455 million, France €420 million, and Belgium €324 million in the first tranche.
In the proposal presented at the end of December, the European Commission confirmed that the distribution of these amounts would take into account the “importance of trade with the UK and the importance of fishing in the UK’s Exclusive Economic Zone.
“We remained united during the negotiations, and we will remain united the day after,” said Elisa Ferreira on her Twitter feed.
The post-Brexit agreement between the EU and the UK that came into force on 1 January, 2021, means that both sides will continue to negotiate without quotas or tariffs.
The agreement on the new partnership between London and Brussels reached after tense negotiations, also foresees a 25% reduction in fish quotas that European fishing boats can capture in British waters within five years, the fishing rights being one of the main stumbling blocks to reaching an agreement.


Read More