Half a million people in Ireland are now receiving some sort of social welfare payment due to the coronavirus outbreak.
The central bank has said that the outbreak has cost €8 billion to date because of the health effort that’s needed but also hundreds of thousands out of work.
The economy is on life support while the country fights covid-19. The total bill for covid-19 outbreak in Ireland could cost €22 billion which will need to be borrowed, the central bank claims.
It’s understood that unemployment will fall by the end of the year, predicated on a month shutdown
and keeping viable businesses going.
IBEC say the income supports are welcome and needed, but that not enough is being done on loans or credit guarantees and that many people are struggling to get loans or credit as a result of the outbreak.
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