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The Danish fishing industry can now apply for a €5.4m compensation scheme targeted at companies that have suffered losses due to Brexit

The Danish Fisheries Agency is now opening applications for a Brexit compensation scheme of DKK 40 million (€5.4m/£4.7m) targeted at the Danish fishing industry. 

The scheme is designed for companies that have suffered a loss of turnover as a result of Brexit and will help them adapt and remain competitive.

Processing and wholesale companies within the fishing industry, which in 2021 were negatively affected by Brexit, can now apply for compensation via the Brexit scheme “Compensation for the processing industry for revenue loss in 2021 as a result of Brexit”.

For eligible losses up to DKK 1.5 million (€200,000/£180,000), the applicant can be paid 100 percent in compensation.

For eligible losses over DKK 1.5 million (€200,000/£180,000) the compensation rate is 65 percent. However, compensation can be paid according to an increased compensation rate of 100 percent if the applicant undertakes to carry out investments for the green conversion of production for 35 percent. of the total compensation amount.

The green transition can, for example, include investments in less burdensome CO2 technologies, electrification, water conservation and minimisation of product waste in production. It must promote a green adaptation of the fishing industry after Brexit.

The scheme is state aid approved by the EU Commission and financed by EU funds from the EU’s Brexit adjustment reserve.

Source: Press Release

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€5.4m announced to help Danish fishing industry adjust after Brexit

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