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Date Published: 15/03/2022
ARCHIVED - Europe allocates 84.5 million euros to Spain to counteract effects of Brexit
Spain will receive a total of 249 million euros in financial aid from the European Commission
The European Commission (EC) agreed a payout of 85.5 million euros to Spain on Monday March 14 as part of its fund to support the economic sectors most impacted by the United Kingdom’s decision to leave the EU. The disbursement for Spain is included in a package of financial support of more than 812 million euros that will be doled out to twelve Member States before the end of the month.
These funds are in addition to the 1,266 million euros approved for April 2023.
“This funding will help the economies of the Member States to mitigate the adverse impact of Brexit on their economies and regions, by supporting regions and economic sectors, small and medium-sized enterprises and job creation and protection,” the Commission said in a statement.
The EU has determined which states receive the financial aid based on a number of factors, such as the importance of trade with the United Kingdom, the value of fishing catches now located in the exclusive UK zone and the population of the maritime regions bordering Britain.
Countries will have until December 31 next year to use the cash to cover expenses incurred since January 2021 as a result of Brexit.
“It is now up to the Member States to make the best possible use of available funding to support regions, local communities, citizens and small and medium-sized enterprises to diversify their activities, retain jobs and requalify the workforce when necessary,” the statement reads.
Of those countries which qualified, Spain has received the seventh-highest total funding amount of 249 million, behind Ireland, the Netherlands, France, Germany, Belgium and Denmark.
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