Millions to help Portugal following Brexit

Photo: Ake1150sb

Source: aicep Portugal global

Portugal should receive at least €58.3 million from the European Union (EU) to support the economic sectors most affected by the withdrawal of the UK from the single market, the European Commission announced.

This value (in current prices) refers to the first installment of this post-Brexit reserve, the distribution of which has yet to be approved by the Member States and the European Parliament.

After the announcement of the creation of this reserve last December, the European Commissioner for Cohesion and Reforms, Portuguese Elisa Ferreira, comes to specify the amounts allocated to each country.

In a publicationon Twitter, the European Commissioner speaks of an adaptation reserve of around €5 billion for the total of the 27 Member States, which aims to “support countries, regions and sectors most affected”.

According to the document, it is expected that around €4.245 billion at current prices (€4 billion at constant prices) will be paid this year and that the remaining €1.1 billion (€1 billion at constant prices) to be distributed in 2024.

Also based on this table published on the internet, Ireland and the Netherlands should be the main beneficiaries of the adaptation reserve, in a list that is also led by Germany, France and Belgium.

Like Portugal, inthis first instalment, Ireland is expected to receive €1.052 billion, the Netherlands €757.4 million, Germany €455.4 million, France €420.8 million and Belgium €324.1 million.

In the proposalpresented at the end of December, the European Commission stated that the allocation of funds would take into account “the importance of trade with the United Kingdom and the importance of fishing in the UK’s exclusive economic zone”.

The post-Brexit agreement between the EU and the United Kingdom, which came into force on 1 January 2021, allows both to continue to negotiate without quotas or tariffs.

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