European Council President Charles Michel said the €5 billion reserve would be used to “counter unforeseen circumstances” of Brexit. Announcing his plans for the EU’s next budget, the eurocrat said: “Brexit is challenging for all of us. “And that’s why we propose a Brexit reserve of five billion.
“We will create another reserve in order to counter the unforeseen consequences in the most-affected member states and sectors.”
Mr Michel has asked the European Commission to carry out a “needs assessment” in order to identify the states, regions and sectors in need of a post-Brexit boost.
The EU’s most senior official aims to have the fund in place by the end of next year.
“Brexit will have consequences in Europe for the member states,” he added.
“And that’s why I think it’s necessary to ask the Commission to prepare a needs assessment.
“On the basis of that needs assessment, we can imagine some more concrete proposals and allocation criteria to support the regions and sectors that would be most affected.”