Fishing industry fears €300m Brexit fund will be squandered

As of January, the total allocated to sectors in the fishing industry schemes was €267 million. File photo: David Cheskin/PA

A "once-in-a-lifetime" opportunity worth more than €300 million to transform the Irish fishing industry is at risk of being "squandered", according to fishing industry representatives.

The money is from the €1.2 billion that the EU promised Ireland from the Brexit Adjustment Reserve (BAR) fund that was set up to help member states deal with the fall-out from Brexit. Member states have to first fund their various schemes to support different industries affected by Brexit and then claim the money back from the EU.