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Flemish region to benefit from €223 million from European Brexit Fund

11:41 08/05/2022

Flanders will receive 63% of the €353 million awarded to Belgium from the 'Brexit Adjustment Reserve'. As the amount reflects constant prices, the actual amount awarded to Belgium is €387 million, reports De Standaard.

The Brexit Fund was created to financially support countries most affected by the UK’s withdrawal from the EU. In Flanders, it’s the food and textile industry risk the greatest fallout.

The Flemish government entrusted the Agency for Innovation and Entrepreneurship (VLAIO) to manage the subsidies. The €223 million will be paid in four instalments in 2022 and 2023. It’s aimed at supporting exports to the UK or seeking alternative export destinations.

According to the Flemish government, it’s still too early and problematic to fully estimate the economic damage of Brexit on the region. The war in Ukraine is also affecting companies. However, a study has been ordered from an external agency to accurately measure the impact of Brexit with the first results due next month.

Written by The Bulletin