Losses
Now the industry faces yet more losses because of the Brexit trade deal between the EU and UK that was settled last Christmas Eve.
That agreement averted the economic chaos that would have come with a no-deal Brexit. But the Irish fishing sector was quick to say its outsized burden was not acceptable. The deal will cut â¬43 million per year from the value of Irish fishing stocks by 2026, a 15 per cent cut from the value of the Stateâs 2020 quota. This is part of an arrangement in which European quota with a total value of â¬199 million moves to the UK from EU member states after Brexit.
EU27 ministers on Thursday (29 April) agreed their position on a four-year Brexit Adjustment Reserve designed to help businesses cover losses and the additional costs imposed under the new post-Brexit trade agreement with the UK.
The €5 billion fund which was agreed as part of the EU’s seven year budget framework, covers the period between 1 January 2020 and 31 December 2023.
Under the position taken by national governments, the €5 billion will be provisionally allocated upfront, with each member state’s share determined by factors such as the value of fish caught in the UK’s exclusive economic zone, the importance of trade with Britain and the population of maritime regions bordering the UK.
Brexit news: Ireland demands €1BILLION in Brexit damages - amid fears Macron will steal it | Politics | News express.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from express.co.uk Daily Mail and Mail on Sunday newspapers.
SHARING OPTIONS:
Tim Cullinan has said that the Government must take a stand on the €5bn Brexit Adjustment Fund. \ Philip Doyle
The Government must ward off any attempt to deny Ireland’s agriculture sector of the €1bn share of the €5bn EU Brexit Adjustment Fund, IFA president Tim Cullinan has said.
In response to reports that other member states were laying claim to a greater share of the fund and potentially cutting Ireland’s share, Cullinan said that Minister for Foreign Affairs Simon Coveney confirmed that Ireland was to receive just over €1bn from the initial allocation when he spoke at the north Tipperary AGM in January.
| UPDATED: 10:35, Fri, Mar 12, 2021
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Meanwhile a new survey has suggested the UK is now a more attractive destination for investors than it was before Brexit, dealing a massive blow to Rejoiners pushing for the UK to rejoin the bloc. Mr Sunak believes the UK is better equipped to regulate financial services, which contributed £76bn in tax receipts two years ago, than Brussels.