It was reported that the European Council on Tuesday established a 5 billion euro ($5.8 billion) Brexit reserve to assist businesses in dealing with the immediate effects of Brexit.

According to the Council, the money would cover additional costs and compensate for losses incurred as a result of the United Kingdom’s exit from the 27-nation trading bloc. The European Union economy, especially the fishing industry, felt the impact of Brexit. The EU fisheries saw a 25% fall in catch value from the UK seas. Despite the December trade pact which guaranteed tariff-free commerce, Britain’s trade with the European Union has plummeted. During the Brexit negotiations, one of the major issues was fishing rights. The December trade agreement allows European Union vessels to continue fishing in British seas, but with a smaller share of the catch. The European Council, which represents the national governments of all EU member nations, stated that the reserve money will assist both public and private firms.

Source: viewers Corner News.