As the successful vaccination programme allows us to progressively reopen the economy, the Economic Recovery Plan sets out how we will support the full resumption of economic activity and get people back to work.
The impact of COVID-19 on our society and economy has been unprecedented, severe and uneven, and the Government has intervened at unparalleled levels throughout all stages, to help and support our people and businesses as well as to limit the ‘scarring’, or permanent, effects of the pandemic.
Taoiseach Micheál Martin has said ,The plan includes “more than €3.5bn in spending supports” and “just under €1bn” from the EU’s recovery fund, Mr Martin said, which will “help kick start a jobs-led economy”.
The Minister for Finance, Paschal Donohoe, and the Minister for Public Expenditure and Reform, Michael McGrath, have indicated that the cost of the National Economic Recovery Plan will add upwards of €3 billion to the budget deficit this year
The Taoiseach said Ireland had secured €950m in a first round of EU recovery funding and has submitted the resilience plan to avail of that funding.The plan rests on four principles: Helping people back to work, rebuilding sustainable businesses, a balanced recovery, and sustainable public finances.Mr Martin said he hopes to see 2.5 million people in work by 2024, many in jobs in “new areas of opportunity”.
These enterprise and labour market supports have recognised that certain parts of our economy have been significantly more impacted by restrictions than others and for longer periods, that public-facing sectors fared worst, and there has been a disproportionate impact on certain people within these sectors, including younger and lower skilled workers.