The European Union will contribute a total of €5 billion until 2025 to all countries and businesses affected by the UK's withdrawal agreement, according to a statement released by the European Parliament.

According to the declaration, such a sum would assist businesses and countries affected by the exit deal in recouping their losses.

“To help Europeans adapt to the changes, in July 2020, EU leaders agreed to create the Brexit Adjustment Reserve, a €5 billion fund (in 2018 prices) to be paid until 2025. EU countries will start receiving the resources by December, following Parliament’s approval. MEPs are expected to vote on the fund during the September plenary session,” the statement reads.

Citizens from both territories were able to enjoy various benefits during the period when the United Kingdom was an official member of the European Union; however, new restrictions have been implemented from the beginning of this year.

Traveling to European Union countries was much easier for UK citizens when the UK was a member of the EU; however, citizens must now follow the same travel requirements that all third-country citizens must follow in the post-Brexit period, including passport rules and other requirements, if they want to continue to live in EU countries.

On January 31, 2020, the United Kingdom will leave the European Union. The ratified Withdrawal Agreement, signed by the EU and the UK government, was kept in place from January 20 to December 31, 2020.

When the Brexit era ended, inhabitants from both territories lost access to free movement, goods, and other benefits; as a result, the EU fund would assist people, businesses, and governments in recovering from such losses.

The EU Parliament has stated that the nations that have experienced the most significant economic losses as a result of Brexit will receive the most substantial financial assistance.

The following countries, according to the Parliament, will receive the most assistance:

• Ireland €1,064,999,515
• Netherlands €810,095,209
• France €672,296,868
• Germany €590,995,101
• Belgium €353,330,180
• Denmark €251,350,466
• Spain €249,017,720
• Poland €158,701,512

In order to determine the amount of money for each country, the Parliament took into consideration three main factors; “the importance of trade with the UK, the value of fish caught in the UK exclusive economic zone and the size of the population living in EU maritime regions closest to the UK.” Such measures would help in job creation, reintegration of the EU citizens who left the UK due to Brexit, support businesses, and other similar actions.