Ireland badly affected by Brexit

This year, the country will receive EUR 1.05 billion from EU funds as compensation

This year, Ireland will get EUR 1.05 billion from EU funds to compensate for Brexit. Foreign Minister Simon Coveney announced on Tuesday. As a direct neighbor, Ireland is one of the hardest hit by Great Britain’s exit from the EU.

The EU has set up a fund for this, which is worth a total of 5.4 billion euros. In a first round, 4.2 billion euros of this will be distributed this year. Ireland is entitled to a quarter of this tranche. The heads of state and government of the EU states still have to approve the distribution, as does the EU parliament. Coveney said he hoped this would work. According to the Irish broadcaster RTE, the money will then be used to promote agriculture on the island, the local food industry and fisheries.

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