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The European Commission has approved, under EU State aid rules, an eighty million euro (€ 80m) Irish scheme to support the fishery sector affected by Brexit.
Its aim is to incentivise vessel owners to stop commercial fishing activities by scrapping their boats. The scheme will run until the end of next year. Aid will be granted to Irish-registered vessel owners in the form of a direct grant to compensate them for ceasing their fishing work. It will be partially financed under the Brexit Adjustment Reserve, which was set up to help deal with the economic and social impact of Brexit.
Arianna Podesta, a European Commission spokesperson explains.
Out words: this aid
Dur: 00:45
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