The total cost of direct Covid-19 related spending to the state across 2020 and 2021 is estimated to reach €28 billion by the end of this year, the Minister for Public Expenditure and Reform has said.
Addressing the Institute of International and European Affairs this morning, Michael McGrath also said the deficit for this year is expected to be similar to last year's figure of €19 billion. "It is entirely appropriate that we have acted to support the economy in these circumstances, and this has been greatly assisted by the approach taken by the European Central Bank in its response to the pandemic," he said.
Michael McGrath added that the Government is committed to restoring the public finances to a sustainable trajectory and ensuring