The European Commission is setting aside billions of euros for assistance to Ireland. That money could be used to protect the country against potential damage sustained by Ireland in a no-deal Brexit.

That reports the British newspaper The Times. According to a source within the EU, the European Union is prepared to spend ‘whatever amount’.

Commission President Von der Leyen said on Thursday to The Guardian that the European Union will come to the rescue in the event of a disorderly brexit. Von der Leyen is thinking of a German model aid program.

In 2008, the German government managed to prevent large dismissal waves by rolling out a subsidy program whereby people had to work fewer hours while companies were compensated.

According to Von der Leyen, that program could also be used for the rest of Europe. A recent report indicates that a no-deal breakdown could seriously damage the Irish economy. According to that report, it could generate a cost of 6 billion, with 5000 jobs disappearing.

At the beginning of this year, Ireland asked the EU for hundreds of millions in case the British left the union without clear agreements. The fear that the UK will leave with a no-deal Brexit has long been high in Dublin. If everything goes according to plan, Great Britain will leave the European Union on 31 October.

Great Britain is one of Ireland’s largest trading partners.

Load More Related Articles
Load More By WeeklyNews staff
Load More In Politics

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Demand for silver still not satisfied

Since the beginning of the corona crisis, the demand for physical silver has increased sha…