EU adopts 5 billion-euro Brexit reserve to help businesses
ABC News
The European Council has approved a 5 billion-euro ($5.8 billion) reserve aimed at helping EU businesses tackle the short-term effects of Brexit
BRUSSELS -- The European Council on Tuesday approved a 5 billion-euro ($5.8 billion) reserve aimed at helping EU businesses tackle the short-term effects of Brexit.
The council, which represents the national government of every EU member nation, said the money will cover extra costs and compensate losses from the U.K.'s withdrawal from the 27-nation trade bloc.
Britain's departure has affected many parts of the EU economy, with the fishing sector particularly at risk. EU fisheries face a 25% reduction of their catch value from U.K. waters, according to the bloc's executive commission.
Despite a trade deal struck in December to ensure tariff-free trade, Britain’s trade with the EU has fallen sharply.
