Ireland has decided to step up its game in preparation of a no deal Brexit scenario as it was reported that the country will unveil a bill that seeks to shield the economy from potential breakdowns.
According to The Guardian, the proposed bill will incorporate 16 separate legislation that will help keep the Irish economy from collapsing if ever the U.K. departs from the European Union (EU) without a deal.
The decision came after analysts warned of potential risks to a number of industries in Ireland, including food processing, transport, and agriculture. Fears of British tariffs on food imports also helped give birth to the proposal.
Brexit spokeswoman for Fianna Fáil, Lisa Chambers said of the effects of a no deal Brexit on the food processing industry, "This would be nothing short of a catastrophe for our beef industry and would have a devastating effect on farmers the length and breadth of this country."
Furthermore, the Irish Farmers' Association (IFA) estimated that a no deal scenario could cost the country's beef industry around €800 million per year should the World Trade Organization (WTO) raise tariffs after Britain walks out of the EU.
The IFA noted that Ireland's beef industry "is in the front line" since exports to the U.K. account for more than half of the country's total annual beef exports.
Aside from protecting Ireland's beef industry and other sects, local companies have been in search of other methods to keep business afloat after Brexit. Kerry Group announced that it had been stockpiling raw materials as it prepares for potential tariff increases of up to 40 percent on food products.
Ireland has been relying on the U.K. largely in various industries. Financial experts commented that it would be best to face potential problems head-on even if Britain will not leave the EU until March 29.
Meanwhile, the European Commission is said to be discussing the possibility of a compromise deal with PM Theresa May as both parties look for ways to get out of the current deadlock.
On the other hand, some political and economic experts stressed that time is running out and hope for a new trade deal could be far from reality. Adding to this is EU Commission President Jean-Claude Juncker's comments that he was "not very optimistic" that Brussels and May's government could avoid a no deal Brexit, The Independent reported.
An EU diplomat who is closely working with the Brexit issue further explained that it is unlikely a compromise will be finalized in next week's meetings since Tory MPs have threatened to initiate a rebellion to delay the U.K. exit instead of allowing the country to depart without a deal.
