Budget 2020: €650 million for agriculture, enterprise and tourism in no-deal Brexit

In the event of a no-deal Brexit, €650 million will be made available to support the Agriculture, Enterprise and Tourism sectors.

In announcing Budget 2020, the Minister for Finance, Public Expenditure and Reform, Paschal Donohoe, outlined: “Of this, €220 million will be deployed immediately in the event of a no-deal Brexit.”

Continuing, he said: “From this, €110 million for enterprises has been identified for the first wave of funding – for targeting new interventions to help vulnerable, but viable firms, against a no-deal Brexit.

These interventions will be available to support firms of all sizes, with a particular focus on the sectors most exposed.

“Support will be by way of grants, loans and equity,” he added.

Minister Donohoe noted: “€110 million will be provided through the Department of Agriculture, Food and the Marine in the event of a no-deal Brexit.

“The provision of immediate supports for our beef sector will be the first priority.”

He added: “We also want to support food companies to re-orientate towards new products and markets. To do this, €85 million will be provided to beef farmers, €6 million for the livestock and the mushroom sector, and €5 million for the food and drinks processing industry.”

Concluding, he said: “€40 million will be provided to the tourism sector from this fund.”

Source: Agriland

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