/Ireland to spend more than €1B on no-deal Brexit planning

Ireland to spend more than €1B on no-deal Brexit planning

New facilities and infrastructure put in place for a no-deal Brexit at Dublin Port | Paul Faith/AFP via Getty Images

UK’s departure from the EU without an agreement ‘central assumption’ of Dublin’s 2020 budget, finance minister says.

LONDON — The Irish government will spend more than €1 billion preparing the country for “the worst” effects of a no-deal Brexit.

Finance Minister Paschal Donohoe made the announcement as he unveiled his 2020 budget this afternoon in Dublin.

“This is a budget that has been developed in the shadow of Brexit,” he told parliament. “And the context for Brexit has now shifted to no-deal as our central assumption.”

The biggest chunk of the funds — €650 million — will go toward supporting the agriculture, enterprise and tourism sectors. The money will be released in waves and targeted at the regions that will be hardest hit by a no-deal U.K. departure from the EU.

Another €355 million will be budgeted for general preparations for Brexit, including investment in ports and airports to ensure they are prepared for any cliff-edge disruption.

Ireland is also seeking extra cash from Brussels to support its agriculture sector, among other concerns.

“Brexit remains the No. 1 threat to the Irish economy, jobs and livelihoods,” Foreign Minister Simon Coveney declared in a statement. “Whilst the problem is not of our making, the government must continue to prepare for both a deal and a no-deal outcome.”

He added: “Budget 2020 protects Ireland from the worst of no deal and builds on the hundreds of millions that have gone into Brexit contingency in budget 2019 and budget 2018.”

Original Source