The European Union’s regulatory arm proposed a new method for distributing regional aid under its first post-Brexit budget, shifting part of the funds from eastern Europe to countries in the south of the continent that face unemployment and migration challenges.
As part of the 2021-2027 fiscal plan totaling 1.28 trillion euros ($1.5 trillion), the European Commission seeks to overhaul its 373 billion-euro cohesion policy as part of efforts to plug a 10 billion-euro annual hole in the EU coffers that will result from the U.K.’s scheduled withdrawal from the bloc next year.
