€20m scheme approved for growing aquaculture sector
The scheme is proposed for funding under the Brexit Adjustment Reserve.
A €20m scheme has been approved for capital investments to accelerate the sustainable growth of Ireland's aquaculture sector.
This scheme aims to mitigate the adverse economic and social consequences of the withdrawal of the UK from the EU on seafood processors adversely affected by loss of raw material supply arising from the Trade and Cooperation Agreement quota reductions.
It is also targeting aquaculture enterprises directly impacted by the UK withdrawal, and coastal communities adversely affected by a broad range of impacts arising from the quota reductions and wider Brexit impacts.
The scheme aims to achieve this by developing alternative sources of suitable employment in the coastal communities affected, by developing an alternative source of native raw material supply for seafood processors, and by enhancing the viability of aquaculture enterprises.
The scheme is proposed for funding under the Brexit Adjustment Reserve.
While investment will generally be supported at a maximum of 40% of eligible costs, a higher incentive rate of 50% will apply to projects including certain climate change investments, and investment in seaweed aquaculture.
