Considering the EU stated the biggest loser from Brexit would be Britain, the EU member states give a different story. According to Belgium MEP Pascal Arimont, the bailout money to cover the black hole of Brexit is nowhere near covering the cost of the damage.
Pascal Arimont told the press conference – “Obviously, the money won’t be enough to deal with the economic shock caused by Brexit.”
With a 23% drop in trade between the UK and the EU, Mr Arimont said – “I think that shows that this is an economic catastrophe.”
“This fund will try to mitigate things, but we’ve said right from the start that we can’t deal with the whole problem through this. This is only a part of the solution.”
“This five billion, obviously we’ll need more money, but in each member state, they can give more money than what’s here.”
Belgian Pascal Arimont, the EU Parliament’s negotiator on the Brexit Adjustment Reserve, said the fund was insufficient to fully support industries and regions hit by the UK’s divorce and will have to be topped up by member states.