Minister for Public Expenditure and Reform Michael McGrath said, Government spending on Covid-related measures is expected to hit €28 billion by the end of this year. The total covers expenditure on Covid-related measures in 2020 and 2021 and spending on wage and business supports as well as increased health spending on the pandemic.

At a webinar event hosted by the Institute of International and European Affairs (IIEA), Mr McGrath said it was “entirely appropriate that we have acted to support the economy in these circumstances”.

He said a general government deficit of €19 billion, or nearly 5.5 per cent of gross domestic product (GDP) is expected for 2020, a €21 billion swing from 2019.

“The Government will set out its economic and fiscal forecasts as part of the annual Stability Programme Update next month” Minister McGrath said.

On the loosening of Covid-19 restrictions announced on Tuesday, he believes that “announcements will prove to have been a very important stepping stone on the road to normality.Over 800,000 vaccine doses have been administered to date and during the second quarter of the year there will be a very significant ramping up of the programmes which will greatly assist in the opening of the country when that is appropriate,”

Mr McGrath warned there are many dark days ahead as the country emerges from the pandemic.On Tuesday, the Government announced the first plan to ease out of Level 5 restrictions in place since December.From April 12th, two households will be able to meet outdoors for social and recreational purposes.