To mitigate the consequences of the end of the transition period, which occurred on December 31, 2020, European leaders agreed in July of the same year to establish Adaptation to Brexit is protected. The transition period ended with the free movement of people, services and capital between the European Union and the United Kingdom, which will have repercussions for the citizens and public administrations of both parties.
Implementation of this mechanism will help counter the economic and social impact on member states and sectors most affected by Brexit. Distribution of the €5 billion fund (at 2018 prices) among EU countries will begin in December, subject to approval by the European Parliament, and will cover expenditures until 2025. MEPs are expected to approve the reservation at the September plenary session.
How much will it allocate to my country?
The fund will help EU countries, but most of the support will focus on the states and sectors most affected by Brexit. Ireland will be the largest beneficiary, followed by the Netherlands, France, Germany and Belgium.
The method of allocation depends on three main factors: the importance of trade with the UK, the value of the fish caught in the UK’s exclusive economic zone, and the population of marine areas bordering the UK.