EU Frees up Disaster Funding for Possible no-Deal Brexit
It’s official: EU officials are now treating no-deal Brexit as a potential disaster scenario, with emergency funds authorized to help businesses, workers and regulatory systems in EU27 countries hit hard by a disorderly departure of the U.K.
The European Commission on Wednesday stepped up its no-deal preparations and put forward a plan allowing access to two special funds to help address the possible economic impact of a no-deal Brexit.
Under the new proposal, the EU would "extend the scope of the European Solidarity Fund to cover serious financial burden inflicted on Member States directly imputable to a withdrawal without an agreement and that could not be avoided by preparing in advance."
The EU executive also warned that companies and citizens should be prepared for a no-deal scenario, publishing a preparedness checklist for businesses, and proposed technical adjustments in the form of a regulation ensuring basic road freight and road passenger connectivity, a regulation on basic air connectivity, and a regulation on fishing authorizations.
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