The European Commission is preparing specific and very narrowly focused contingency plans to prepare for the possibility of a no trade deal Brexit, EU Financial Services Commissioner Mairead McGuinness said today.
"Today we are preparing contingency plans, very specific and very narrowly focused to make sure that in the event of a 'no-deal' that those sectors that are vulnerable, transport, aviation etc, that specific plans are put in place to maintain connectivity," McGuinness told the Dáil committee.
"I'm not very confident from the speech made by the British prime minister in the House of Commons today.
"I think there is a failure to understand, which perhaps is a failure of Brexit at the very outset, if you choose to leave, there are consequences, particularly where that country wants to stay part of the single market," she added.
Later today, UK prime minister Boris Johnson is due to meet with Commission President Ursula von der Leyen having already spoke on the phone on Monday.
Today has been set as the EU's deadline for Brexit negotiations despite major sticking points remaining between the two sides, particularly regarding fisheries.
Earlier this week, Minister for Foreign Affairs Simon Coveney said the tone of talks had become "downbeat", adding a reported breakthrough on fishing had not occurred despite rumours on social media.
Mr Coveney said negotiations "seemed stalled" but at that point said there was still time to strike a deal.
