The European Parliament (EP) approved the creation of a 5 billion euro fund to be used against the effects of Brexit for the economies of the European Union (EU) member countries.
In the United Kingdom, which is made up of England, Wales, Northern Ireland and Scotland, the Brexit decision was taken with 52 percent against 48 percent in the EU referendum held in June 2016. The UK officially left the EU on 31 January 2020.
THE FUND AIMS TO COMBAT THE ECONOMIC CONSEQUENCES OF LEAVING THE EU MEMBERSHIP
At the EP General Assembly session held in Strasbourg, the fund to be established to combat the economic consequences of the UK's withdrawal from EU membership was discussed.
MEPs approved the establishment of a 5 billion euro fund to contribute to the fight against the economic, social and regional effects of Brexit in EU countries with 652 "Yes", 32 "No" and 11 "Withdrawal" votes.
FUND TERM UNTIL 2025
1 billion 600 million euros of the said fund will be distributed in 2021. The remaining 3 billion 400 million euros will be used until 2025.
BUSINESSES AFFECTED BY BREXIT WILL BE SUPPORTED
The fund will provide support to businesses and local communities particularly affected by Brexit.
IRELAND TAKES 1 BILLION EURO
The fund is expected to provide financial support of approximately 1 billion euros to Ireland, 810 million euros to the Netherlands, 670 million euros to France, 590 million euros to Germany and 350 million euros to Belgium.
FISHERMAN AFFECTED BY BREXIT TO BE HELPED
The fund is planned to provide substantial assistance to fishermen, particularly those affected by Brexit.
FUND WAITING FOR APPROVAL
In order for the said fund to enter into force, it must also be officially approved by the European Council.
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