Sinn Féin spokesperson on Finance Pearse Doherty TD has labelled the EU Recovery Fund a missed opportunity.

Under the measures, Ireland will receive just 0.4% of grants available over the next two years, many research funds have been decimated, while the Just Transition Fund has been slashed by two thirds.

Speaking today, Teachta Doherty said:  “The European Council today announced measures to tackle the social and economic impact of Covid-19, including the establishment of the Next Generation EU Recovery Fund. 

“This €750 billion fund would be raised by the Commission being given power to borrow, with member states contributing towards repayments.

“But under the key pillar of the measures, the Recovery and Resilience Fund, Ireland will be eligible for just 0.4% of grants in 2021 and 2022.

“In addition to this, pressure from what has been described as the ‘frugal four’ has seen the overall level of grants under the fund cut by 22%.

“This has seen entire programmes slashed or completely defunded – research programmes by 62%, the Just Transition Fund by two thirds, and the solvency aid to small firms completely defunded.

“This is a real missed opportunity for economic recovery. 

“While Ireland will remain a net contributor to the EU budget in the years ahead, it is clear that we are not a winner from the Recovery Fund announced today.”