EU approves 5-bln-euro fund to cushion impact of Brexit

EU approves 5-bln-euro fund to cushion impact of Brexit

The Council of the European Union (EU) on Tuesday green-lighted a 5-billion-euro fund designed to help member states cushion the negative impact of Brexit.

The fund will support the hardest-hit regions, sectors and communities to cover extra costs, compensate for losses or counter other adverse economic and social effects resulting directly from Britain's withdrawal from the EU.

The Council said in a statement that the fund will be used to support public and private businesses facing disruption of trade flows, including new costs for custom checks and administrative procedures.