DUBLIN, 07 December 2021, (TON): The Republic of Ireland is to receive €920m (£782m) from a European Commission fund which is designed to "mitigate the impact of Brexit".

The Brexit Adjustment Reserve is available to all European Union (EU) member states "while ensuring a strong concentration on those most affected".

The commission said “Ireland is the biggest beneficiary and the first state to benefit.”

The reserve has a total budget of €5.4bn (£4.5bn).

The Irish government will receive €361.5m (£307.4m) in 2021, €276.7m (£235.3m) in 2022 and €282.2m (£240m) in 2023.

Commissioner for Cohesion and Reforms, Elisa Ferreira, said Brexit has had a "negative impact on many people's lives" and it is "the people in Ireland who feel it the most".

She further added that the EU's Brexit Adjustment Reserve stands for solidarity with those most affected.

"In moving forward, we don't want to leave anyone behind.

"The funding that Ireland will receive will contribute to improve living standards, support economic growth in the country and mitigate the negative impacts in local communities."