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Press release16 June 2022Representation in Cyprus

Brexit Adjustment Reserve: Commission approves almost €627 million pre-financing for 4 Member States

The Commission approved the disbursement of €627 million under the Brexit Adjustment Reserve to a group of 4 Member States (Germany, Greece, Cyprus and Hungary) to compensate for the consequences of Brexit.

Participation of Elisa Ferreira, European Commissioner, to the commemorations of the 20th anniversary of the Euro

This decision will make €435 million available in 2022 and the residual €192 million by end of April 2023. Commissioner for Cohesion and Reforms, Elisa Ferreira, said: “Brexit has had a negative impact on many people's lives within the EU. The Brexit Adjustment Reserve was set up and adopted in record time to help Member States mitigate the adverse economic, social and territorial consequences of Brexit. Now it is up to Member States to make the best use of the available funding to support regions, local communities, citizens and small and medium businesses to diversify their activities, keep jobs and reskill the workforce where necessary.” This funding will help the economies of the Member States to mitigate the adverse impact of Brexit on their economies and regions through support to regions and economic sectors, small and medium sized companies, as well as job creation and protection, such as short-time work schemes, re-skilling, and training. The pre-financing amounts are spread over three years and Member States may use the funding until 31 December 2023 to cover expenses incurred and paid since 1 January 2020. With this decision, 20 Member States will soon have received the first and second instalment of their pre-financing. Brexit has had a negative impact on all Member States, but in different ways, as some Member States, regions, sectors, or local communities are more affected than others. The Brexit Adjustment Reserve of €5.4 billion has been put in place to support all Member States with a strong focus on those most affected.  

Details

Publication date
16 June 2022
Author
Representation in Cyprus