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The European Commission has proposed triggering a Brexit Adjustment Reserve for the 2021 EU budget, adding a total of EU4.24 billion to this year's total. The boost in the budget will ensure 'resources are available this year to support EU countries in addressing the immediate effects of Brexit,' a statement from the Commission noted. This would bring the budget to EUR168.5 billion in commitments and €170.3 billion in payments.

"The Brexit Adjustment Reserve is yet another example of European solidarity. The Commission will now work with the European Parliament and the Council to ensure that money becomes available to businesses and companies, regions and local communities as soon as possible," Commissioner Johannes Hahn said Friday.