Senior European officials are considering providing a European Union emergency disaster fund, which any member state could use to ward off the economic impact of a Brexit without an agreement.

This came within the framework of a proposal submitted to the European Commission to reform the European Solidarity Fund, which was established in 2002 to support national and regional governments in the event of a major disaster.

The summary of the proposal on the UNHCR website says the fund "can provide member states with financial assistance to cover the heavy burden they incur should they leave the UK without agreement."

It is unclear when a decision will be made, but commissioners meet on Wednesday to discuss ways to ease the economic blow, while Britain is on its way to leave the EU on October 31, with or without an agreement.

The Solidarity Fund was created after the devastating flood in Central Europe in 2002, and has since spent more than five billion euros in response to about 80 "catastrophic events."

Source Sky News

 

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