EU's Brexit Relief

From the DW:

“EU approves relief funds for member states hurt by Brexit”

Ireland and France will be the two top recipients of the aid. The relief money is expected to help both public and private entities who are negatively impacted by the UK's exit from the bloc. Brexit has angered French fishermen who have lost access to waters off their coast EU governments on Tuesday greenlit €5.4 billion ($6.3 billion) in emergency aid for member states whose economies are being negatively impacted by Brexit.

What do we know about the relief funds? The two top recipients of the aid will be Ireland, which will get €1.1 billion, and France, which will receive €735 million.  The EU has said the money will benefit both public and private entities in the bloc. The money is intended to cover costs and compensate financial losses which were caused by the UK's withdrawal. The approval of the funds was hailed by Slovenia, which holds the rotating EU presidency. "The prompt adoption of the reserve means that much-needed funding will soon be made available to the worst-affected European regions and companies," Slovenian Minister for Development and European Cohesion Policy Zvonko Cernac said.

How has Brexit impacted UK-EU trade? Trade has decreased massively between the UK and EU since Brexit took effect in January. This is despite a deal struck in December between London and Brussels to ensure the tariff-free exchange of goods between the two sides.  An increase in paperwork, general bureaucracy and freight costs has negatively impacted the EU-UK trade relationship post-Brexit. Brexit has particularly hurt the EU's fishing industry. France, for example, has seen its access to UK waters decrease by 25% since the split. EU countries are expected to earmark at least €238 million for fisheries as part of the relief plan. The UK has also rolled out economic help for its businesses that were hurt by the divorce. The UK has been recently struggling with a shortage of fuel and truck drivers post-Brexit.

^ Brexit has really hurt British companies and individuals (just look at their gas shortages), but the UK voted for Brexit. France and Ireland didn’t vote for Brexit and yet their companies and individuals are also suffering. Hopefully, this EU Relief will help them. ^

https://www.dw.com/en/eu-approves-relief-funds-for-member-states-hurt-by-brexit/a-59340379