On Friday, European Council President Charles Michel said, the Brexit negotiations were certainly not easy and that countries, regions and industries will face disruptions from 2021 regardless of whether there is a deal or not.

He also laid out a proposal for a multi-billion-euro economic stimulus plan for a post-coronavirus economic scenario for the EU saying a new Brexit “adjustment reserve” of 5 billion euros will be required.

Laying out the broad framework for the proposal, Michel said the European Commission should analyze the first consequences of the bloc’s relationship with Britain by February, 2021 following which the money could then be used to support those EU countries which are most affected by the change.

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