The European Commission presented its proposal for a Brexit Adjustment Reserve, agreed by the European Council in July, to tackle the negative economic and social consequences in the Member States and sectors most affected at the end of the transition period on 31 December 2020 .
It will have an overall budget of € 5 billion and will support businesses and employment in the affected sectors.
It will help regions and local communities, including those dependent on fishing activities in UK waters.
It will also be able to assist public administrations in the proper functioning of border, customs, sanitary and phytosanitary controls and guarantee essential services to citizens and businesses.
"The end of the transition period, 31 December 2020, will have a major economic and social impact on the regions and local communities most linked to the UK economy and trade. By proposing the Brexit Adjustment Reserve, the Commission restores solidarity and cohesion as key elements of its response, making sure that those most affected receive the support they need, "said Cohesion and Reform Commissioner Elisa Ferreira.
"We have designed this reserve to provide quick and easy help, focusing on the EU member states most affected by Brexit. I am now counting on the Council and the European Parliament to turn our proposal into concrete financial support without delay," he added. Budget Commissioner Johannes Hahn.