The EU is reportedly mulling classifying a no-deal Brexit as a major natural disaster, allowing affected member states to draw on emergency funds. The €500m ($547m) a year solidarity fund for events including flooding, fires and earthquakes could potentially be utilised by countries at risk from the UK leaving the EU single market. The countries include Ireland, Belgium, Spain and Germany, which rely heavily on trade with the UK. A spokesman for the European Commission said it was “aware of the potential impact that such an event would have in all Member States”.
The EU is reportedly mulling classifying a no-deal Brexit as a major natural disaster, allowing affected member states to draw on emergency funds. The €500m ($547m) a year solidarity fund for events including flooding, fires and earthquakes could potentially be utilised by countries at risk from the UK leaving the EU single market. The countries include Ireland, Belgium, Spain and Germany, which rely heavily on trade with the UK. The proposal, which will be debated by EU diplomats, demonstrates a differing approach from the UK government, which is downplaying the economic threat of no-deal, The Guardian reported.