EU adopts 5 billion-euro Brexit reserve to help businesses

BRUSSELS (AP) — The European Council has approved a 5 billion-euro ($5.8 billion) reserve aimed at helping EU businesses tackle the short-term effects of Brexit. The council represents the national government of every EU member nation. It said on Tuesday that the reserve money will cover extra costs and compensate the losses from the U.K.’s withdrawal from the 27-nation trade bloc. Britain’s departure has affected many parts of the EU economy, with the fishing sector particularly at risk. EU fisheries face a 25% reduction of their catch value from UK waters, according to the bloc’s executive commission. Despite a trade deal struck in December to ensure tariff-free trade, Britain’s trade with the EU has fallen sharply.