Brexit will also cost some companies in Germany dearly. Berlin is now receiving funds from Brussels to counteract this. Above all, one industry is to be supported with it.
Germany is expected to receive around 647 million euros in EU funds to mitigate the consequences of Brexit. As the Council of the European Union announced in Brussels, the so-called Brexit Fund and the provisional distribution of funds have been finally decided.
This could now support public and private companies facing additional costs, losses or other adverse economic and social effects following the UK’s exit from the EU. Additional costs could arise, for example, for customs controls and new administrative procedures.
Money should go to fishermen
In Germany, among other things, the money will benefit fishermen who depend on fishing in British waters. For example, short-time work benefits as well as retraining or training can be financed. “Our goal is to help those most affected in a difficult time to adapt to the consequences of Brexit,” commented Zvonko Černač for the current Slovenian Presidency.
A total of 5.47 billion euros will be distributed via the Brexit fund. The largest amounts, after the indicative allocation, will go to Ireland, France and the Netherlands. Around 1.2 billion euros are expected to flow to Ireland, 886 million euros to the Netherlands and 736 million euros to France. This is followed by Germany, which is also very badly affected by Brexit.
The bottom line, however, is that Germany is likely to end up paying significantly more money into the Brexit fund than it gets out of it. The German share of funding in the next EU budget is estimated to be around 24 percent. The 647 million euros, however, only correspond to about 12 percent of the Brexit fund, which is filled through the budget.
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
