The European Commission is preparing a multi-billion aid package for Ireland in the event of a UK withdrawal from the European Union without a deal, The Times reports.

Report informs citing TASS that, according to the newspaper, the EU is ready to “spend as much as will be necessary” to help the Irish government to cope with the problems in the field of trade that may arise in the event of the UK’s withdrawal from the Association without a deal with Brussels. The exact amount is not called.

On July 9, the government of Ireland presented an updated version of the action plan aimed at minimizing the negative effect of Brexit in different scenarios. It is noted that in the first year Brexit without a deal will cost the country’s budget € 6.5 billion.

The UK exit from the EU is scheduled for October 31.