The fund of €5 billion (in 2018 prices) will support the hardest hit regions, sectors and communities to cover extra costs, compensate losses or counter other adverse economic and social effects resulting directly from the United Kingdom’s withdrawal from the European Union.
The largest amount, of €4.5 billion, is shared according to the importance of trade with the UK, €656 million is shared based on the importance of fisheries in the UK’s exclusive economic zone, and €273 million is distributed based on the importance of neighbouring links for the maritime border regions with the UK.
Consequently, Ireland will receive the bulk of the money (€1.16bn), followed by the Netherlands (€886m) and France (€735m).
The bulk of the resources, €4.3 billion, will be made available to member-countries as pre-financing in three annual tranches – in 2021, 2022 and 2023. The remaining resources will be made available in 2025, after a review of the expenditure on eligible measures in the previous years, which will also factor in any unused amounts.
Today’s approval by the Council is final. The European Parliament voted on it on 15 September. The regulation will enter into force on the day of its publication in the Official Journal of the EU.
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