Above from left: the Minister for Public Expenditure and Reform, Michael McGrath; The Minister for Finance, Paschal Donohoe, and the Minister for Social Protection, Community and Rural Development, Heather Humphreys outline changes to the Pandemic Unemployment Payment and the Employment Wage Subsidy Scheme this afternoon

This afternoon.

Government Buildings, Dublin 2.

The budget deficit this year will now be €23 billion, up approximately €1.25 billion on the figure outlined in Budget 2021, Minister for Finance, Paschal Donohoe announced at a press conference.

Via RTÉ

The increase reflects the anticipated €2 billion spend over the next six weeks on several income and business support schemes as Level 5 restrictions come into play.

This will mean that GDP is expected to decline this year by 3.5%, a further 1% decline on the forecast released at Budget time.

Mr Donohoe said that the enhanced Employment Wage Subsidy Scheme (EWSS) is expected to cost €105m a week, the new Covid Restrictions Support Scheme (CRSS) €80m a week and the PUP €135m a week.

Social Protection Minister Heather Humphreys said the enhanced PUP will be given at its current rate until January when it will then be reviewed….

Level 5 Covid restrictions to push Budget deficit up to €23 billion (RTÉ)

Julian Behal Photography/RollingNews

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13 thoughts on “Debt Toll

  1. GiggidyGoo

    €1.25bn- a nice small number when you read it quickly. It’s actually €1250m. or €1250,000,000
    How did we get to this ‘matter-of-fact’ acceptance of such large amounts?

        1. bisted

          …really…that’ll be a relief to Seanie, Fingers, Drummer et al …but aren’t they giving it to poor people…they’ll only be spending it…

    1. Liam Deliverance

      It’s an enormous sum of money, how many taxpayers had to work for how many hours to create that

    2. Life

      Take one second and think it as a euro timed it by 1250000000
      You get around 39 years 38 weeks 5days 14hours 13 minutes 20 seconds
      That’s the numbers we are taking about

      1. bisted

        …or…you might choose to think of it as less than 1/10 of the Apple money that will languish in escrow for years, earning negative interest, that will eventually be paid by ‘the taxpayer’…

  2. V AKA Frilly Keane

    Ara’ they’re only fooling around with this deficit Value
    Trying to cod us all
    And themselves tbh

    September 2021 – the eve of Budget 2022
    When all the Departments and lobby groups, farmers teachers vintners
    Local Authorities starved of rates and parking fines
    And assisted Semis & Quangos ie RTÉ & Aer Rianta, Public Transport Rail & Bus + Toll Companies
    Along with service providers ie Voluntary Hospitals & Charities
    And Private Sector buddies – Landlords, Private Healthcare, Toll
    Unions
    Make their submissions

    Then you’ll get an idea of the actual Covid Deficit
    Head on block time
    40 billion plus

    Meanwhile, Budget 20 had one subliminal message
    And if ye haven’t twigged
    It’s borrow

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