IRELAND IS to receive almost €1 billion from the European Commission as part of its Brexit Adjustment Reserve.
The aim of the funding is to help Ireland's economy in mitigating the impact of Brexit, through support to regions and economic sectors, including job creation and protection, such as short-time work schemes, re-skilling, and training.
Ireland is the biggest beneficiary of the reserve and the first member to receive its pre-financing, receiving €920.4 million of the total €5.4 billion reserve.
Commissioner for Cohesion and Reforms, Elisa Ferreira, said about the funding:
"Brexit has had a negative impact on many people's lives. Within the EU, it is the people in Ireland who feel it the most.
"The EU's Brexit Adjustment Reserve stands for solidarity with those most affected. In moving forward, we don't want to leave anyone behind.
"The funding that Ireland will receive will contribute to improve living standards, support economic growth in the country and mitigate the negative impacts in local communities."
Ireland will receive €361.5 million in 2021, €276.7 million in 2022 and €282.2 million in 2023, and the funding can cover expenses since 1 January 2020.
The Commission also expects to adopt Brexit Adjustment Reserve decisions for the other Member States in the coming weeks.