Martin Kenny (Sligo-Leitrim, Sinn Fein) | Oireachtas source

For many people, not least exporters in the Border region, it is already raining in respect of Brexit. The fear of a disorderly Brexit and the atmosphere that has grown around that have been damaging for many companies and exporters, and our agrifood sector, in particular, has been damaged and remains so. While I acknowledge that the €500 million to guard against that may be useful, I posed a question earlier to the Taoiseach on the relevance of Europe in regard to the issue and the EU's responsibility. Ireland has been damaged by a European scenario, given that our closest neighbour, the UK, has decided to leave the EU and we are the collateral damage.

Most people would firmly agree that the protection of our structures and our economy should not just be the responsibility of the Irish taxpayer. It should also be the responsibility of the EU, which needs to come up to the plate in this regard. It is not enough to give us some moral support because we need more than that. The businesses in the Border region of which I am aware need much more than moral support. Although Brexit and where it might take us is one of our biggest sources of fear with regard to the international economy, the international trade wars, which are mainly being aggressively pushed forward by Trump's America, are also coming home to bite in some areas. This development could have an impact on other issues. As a very open economy, we are very open to being damaged by the factors that influence the global markets. The notion that Brexit is the only problem we have is incorrect, unfortunately. Other things that may come at us in the coming months and years could be equally damaging.

I would like to focus on the rainy day fund. As I said, for many people it is already raining. There is an immense infrastructure deficit in rural communities in constituencies like Sligo-Leitrim, which I represent. We need to see investment in broadband, in roads and in bringing jobs into such areas. We need to develop the economy in the areas where the most potential lies. We encourage the Government to use any funds that may be available for such purposes. The concept of a rainy day fund flies in the face of logic for many people across a large sector of our economy who believe they are still struggling with austerity. I remind the House that many people are concerned that austerity has not left. When they hear that a fund is being amassed for a rainy day, they ask who will decide that such a day has arrived. Will it be a rainy day that the banks, the insurance corporations or the people in some other part of the corporate sector bring on us again? In the event of another disaster, will the taxpayer have to roll in once more to fund these entities rather than investing in the economy to protect ordinary working people who are struggling hard? It must be acknowledged that many people are finding it difficult to manage.

We support the notion that this money should not be put aside. It needs to be spent wisely. It needs to be invested to get a return for the many regions of this country that have been left behind. It can be seen from the Project Ireland 2040 plan, which is very much about trying to put money back into areas that have been left behind, that even the Government acknowledges that this is an issue. Of course many of us would say that Project Ireland 2040 does not go far enough. I suggest that €500 million is small money compared to what needs to be spent in many of the regions. In that context, we will support this initiative.

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