THE EUROPEAN UNION will invest more than €3 billion in Ireland over the next seven years.

Public Expenditure Minister Brendan Howlin said that the money will be spent on tackling long-term and youth unemployment, research and development, and improving our competitiveness in the business sector.

Ireland has secured funding of €2.2 billion from the European Agricultural Fund for Rural Development, €1.2 billion as part of Europe’s ‘cohesion policy’, and  €148 million from the European Maritime and Fisheries Fund, for the period 2014-2020.

EU Agriculture Commissioner and former Environment Minister Phil Hogan announced the news in Brussels yesterday.

Here’s how some of the money will be spent:

• €100 million for the Border, Midland and Western Region, in recognition that it is now classified by the EU as a more developed area;
• €409 million for European Regional Development Fund co-funded programmes;
• €542 million for European Social Fund co-funded programmes;
• €68 million for the Youth Employment Initiative;
• €169 million for the European Territorial Cooperation (ETC) programmes, including the Northern Ireland PEACE Programme (€150 million), and other programmes between Ireland and Northern Ireland, West Scotland and Wales.

Howlin said that he was “particularly pleased” that funding had been secured for a new PEACE Programme, which operates in border counties.

“The Programme continues to play an important role in reinforcing progress towards a peaceful and stable society and in promoting reconciliation.  The European Union has always been a strong supporter of the peace process and the PEACE Programme provides real evidence of that support,” he stated.

The European Structural & Investment Funds give money to members states with the aim of promoting economic growth, research and ICT; combating unemployment and tackling environmental issues.

Almost a quarter of people across Europe live on the brink of poverty

After saying ‘no way, we won’t pay’, UK agrees to half of €2bn bill from Europe

Making a difference

A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

For the price of one cup of coffee each week you can make sure we can keep reliable, meaningful news open to everyone regardless of their ability to pay.

Support us Learn More