The Cabinet is to be presented with proposals for a new flood relief scheme for businesses with payments in extreme cases of in excess of €70,000.
Currently, traders impacted by flooding can avail of a scheme that has a cap of €20,000 which includes a €5,000 quick payment. A Government source said this scheme will remain in place and will be sufficient for the majority of businesses that are impacted by flooding.
The source added that some of the damage in Cork caused by Storm Babet was exceptional so in response the Government has decided to bring in a new scheme. Talks took place late last night involving senior Government figures, including Minister for Enterprise Simon Coveney and Minister for Finance Michael McGrath. A memo is to be presented to Cabinet tomorrow with details of this new scheme for flood-hit businesses. It is expected that it will include a €10,000 quick payment and possible payments of in excess of €70,000.Businesses cannot apply for both schemes while the €70,000 figure is considered a limit, according to the source. The majority of those worst-hit will, it is expected, will receive payments of the order of €30,000 to €50,000. Work on the finer details of the scheme will take place only after the Cabinet confirms the broad outlines of the scheme.
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