Ireland is due to receive over €1 billion from the European Union’s Brexit fund, set up to help member states most affected by Britain’s departure from the bloc.
The announcement was made by Minister for Foreign Affairs Simon Coveney.
The funds are part of the so-called Brexit Adjustment Reserve, worth more than €5 billion, agreed in principle by EU leaders last year.
“I’m pleased to announce that a proposal has been made tonight on the Brexit Adjustment Reserve. The BAR is valued at €5.4 billion (€4.2 billion in 2021 & €1.1 billion in 2024),” Mr Coveney said in a statement.
“Ireland’s initial proposed allocation for 2021 is €1.051 billion or 25% of the fund.
“I hope the European Parliament and Council will now approve as we continue to work through Brexit.”
€600 million from the fund is to be made available for European fishing communities hit by Brexit, sources have told RTÉ News.
The Irish Government was expected to apply for funds to help the fisheries and agri-food sectors in particular.
The fishing industry will be badly hit as a result of the EU/UK Trade and Cooperation Agreement (TCA) concluded on Christmas Eve.
The EU has agreed to cede some 25% of the value of fish quota caught by EU boats in UK waters over a five-and-a-half-year adjustment period.
Irish prawn and mackerel fishermen are likely to be hardest hit, as the UK will seek a greater share of those stocks, which are among the most valuable to the Irish fleet.
The Brexit Adjustment Reserve will be paid out in 2021 through what is called pre-financing.
This means the monies will be regarded as an emergency solidarity payment to the countries hardest hit by Brexit so will be paid up front in 2021.
Member states in receipt of the funds will then be subject to a detailed audit in 2023 and will have to show then why the allocations were necessary.