Flanders receives 194 million euros to compensate Brexit impact

The European Commission has approved the payment of two billion euros to twelve EU member states that are experiencing the economic impact of the brexit. Belgium will receive some 305 million euros. Of this amount, some 194 million euros will go to Flanders, along with an additional 11.5 million euros under the maritime borders criterion.

The Brexit Adjustment Reserve was set up last year to support member states that are significantly affected by Britain's departure from the European Union. The money is meant to help affected regions and economic sectors to reduce the impact, including the support for small and medium-sized enterprises and for retraining and educational programmes. 

After Ireland was allocated EUR 920 million at the end of last year, the Commission approved the payment of funds to 12 other Member States on Monday. A first tranche of 819.2 million euros will be made available at the end of this month, the rest by April 2023. 

In that first tranche, €119.9 million is destined for Belgium, which had lobbied hard for the creation of the fund during the the current multiannual budget negotiations. Next year, our country will receive another 185 million euros (91.7 million euros for 2022 and 93.6 million euros for 2023). Flanders will receive 194 million euros, along with an additional 11.5 million euros under the maritime borders criterion.

The Brexit Adjustment Reserve contains up to 5.4 billion euros, of which around 80 per cent will be paid in the form of pre-financing in various tranches. A final tranche of EUR 1.1 billion is scheduled for 2025, to reimburse the actual costs for measures that are eligible for support.