European Parliament approves € 5 billion Brexit fund

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1.6 billion euros of said fund will be distributed in 2021. The remaining 3.4 billion euros will be used until 2025.

The fund will support businesses and local communities particularly affected by Brexit.

The fund is expected to provide financial support of around € 1 billion to Ireland, € 810 million to the Netherlands, € 670 million to France, € 590 million to Germany and 350 million euros to Belgium.

The fund is intended to provide substantial help to fishermen, especially those affected by Brexit.

For the said fund to enter into force, it must also be formally approved by the European Council.

In the United Kingdom, which includes England, Wales, Northern Ireland and Scotland, the Brexit decision was taken at 52% against 48% in the European referendum of June 2016. The United Kingdom Uni officially left the EU on January 31, 2020.

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