Portugal should receive at least 58.3 million euros from the EU to support the economic sectors most affected by Brexit.

This amount concerns the first instalment of this post-Brexit reserve, the distribution of which has yet to be approved by member states and the European Parliament. 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.

Ireland and the Netherlands should be the main beneficiaries of the matching reserve, a list which is also led by Germany, France and Belgium.

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

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.

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.

However, this agreement does not avoid new costs and bureaucracy for European companies doing business with the UK.

Source : ESSENTIAL BUSINESS, ECO NEWS