Michael Creed (Cork North West, Fine Gael) | Oireachtas source

I should clarify that the €110 million is the first tranche of a €650 million fund available in the event of a no-deal Brexit. I hope we never have to spend that as I hope we can avoid a no-deal Brexit. It is a first tranche and it is appropriate for the funding to be released in tranches as it will enable us to react to what emerges from Brexit. We have prepared as well as possible but this is an event without precedent. It is therefore appropriate for us to hold some of our firepower in reserve and see how a no-deal Brexit crystallises. Of the €650 million total, we are getting €110 million in the first tranche and so is the Department of Business, Enterprise and Innovation, and the Department of Transport, Tourism and Sport is getting €40 million. This leaves a very substantial pot of funding available to react to the granular detail as it emerges of a no-deal Brexit and to respond accordingly.

The Deputy asked how much of the €110 million is available for the farming sector. We have identified €85 million as being necessary for the beef sector and particularly for beef finishers. This will be the sector immediately in the firing line. There will be some insulation from a no-deal Brexit by virtue of a tariff-rate quota, TRQ, in the United Kingdom for beef, of which we will get a sizable amount. However, that sector will feel the immediate brunt of a no-deal Brexit. There will be €14 million for the fisheries sector, €6 million for other livestock farmers and the mushroom sector, with €5 million available for the food and drinks processing industry.

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