Tánaiste Simon Harris has said the Government is “prepared for all scenarios” over the energy crisis arising from the US-Iran war.
Mr Harris is in Brussels for a two-day meeting of EU finance and economy ministers, reports RTE.
During the trip, Mr Harris will chair the Economic and Financial Affairs Council for the first time as part of Ireland’s EU Presidency.
The Tánaiste held a bilateral meeting with Head of the International Energy Agency Fatih Birol, reports RTE.
Finance ministers will also discuss the energy crisis caused by the conflict in the Middle East.
Mr Harris said there “has been a worsening of hostilities in recent days” after US President Donald Trump said an interim agreement to end the war with Iran was “over,” reports RTE.
“I really hope the ceasefire can be restored as quickly as possible,” he said.
Asked if new supports are being considered, Mr Harris said: “Depending on how long this current escalation continues will have a bearing on that reality,” reports RTE.
“We are prepared for all scenarios,” he said.
Mr Harris said the decision the Government took to delay the excise duty restoration was the right one at the time and “even more right now,” reports RTE.
He said the supports have given people “breathing space” and time.
Mr Harris said “we need to dig deep” to reduce the cost of energy in Ireland, adding that countries around the world are “grappling” with this, reports RTE.
He said the European Union is too reliant on fossil fuel and that “energy security is now economic security.”
Mr Harris said EU citizens are “far too exposed to decisions made many thousands of kilometres from the European Union,” reports RTE.
“The antidote to that is to get our own house in order,” he said.
During Ecofin, Mr Harris will present the priorities of Ireland’s EU Presidency, reports RTE.
A pillar of the EU’s Savings and Investments Union, called the Market Integration and Supervision Package, will also be on the agenda.
The package aims to make it easier for businesses to access finances and to strengthen the EU’s long-term competitiveness and financial resilience, with an agreement on the package hoped to be reached at the October Ecofin meeting, reports RTE.
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