News & Events

Government extends Emergency Business Flooding Schemes to those affected by more recent weather events

The Minister for Enterprise, Trade and Employment, Simon Coveney TD today extended the two previously approved, Emergency Business Flooding Schemes for small businesses, sports clubs, community, and voluntary organisations unable to secure flood insurance and affected by recent flooding in Counties Cork, Waterford, Limerick, Kilkenny and Louth to those affected by weather events in Louth, Wexford and any other areas effected by flooding in the period 24 October 2023 to 5 November 2023.

Minister Coveney said:

“Due to persistent weather events in recent weeks, I have decided to extend the emergency Business Flooding Scheme launched by me on 24 October to those affected by recent weather events including those that may be affected in the coming days. I am also extending the enhanced version of the scheme that should be of assistance to businesses that suffered exceptional damage.

 These schemes are set up to provide urgent assistance to businesses that were unable, through no fault of their own, to get insurance to help with the costs of repairing the damage caused by flooding. As with similar weather events in the past, the Irish Red Cross will administer and make payments under the Scheme on behalf of my department”.

The schemes provide humanitarian support contributions towards the costs of returning small businesses, sporting, voluntary and community premises to their pre-flood condition including the replacement of flooring, fixtures and fittings and damaged stock where relevant. 

This financial support is targeted at small businesses, sports clubs and community and voluntary organisations. The standard Emergency Business Flooding Scheme will have two stages:

  • the first stage will commence immediately and will provide a contribution of up to €5,000, depending on the scale of damage incurred. The intention is to process payments as fast as possible
  • if the premises have incurred significant damages above €5,000, businesses can apply for additional financial support, following an assessment by the Irish Red Cross.  The total level of support available for both stages combined will be capped at €20,000

Due to the exceptional severity of the flooding in some areas, the Government has agreed to activate an Enhanced Emergency Business Flooding Scheme, that provides higher levels of financial support for businesses that have been severely affected in certain locations.

 This will also have two stages:

  • an initial application leading to a quick payment which will be capped at an increased upper limit of €10,000. While this will be an upfront payment it will be subject to assessment (post payment) and businesses will be required to refund any overpayment
  • a small number of applicants may have incurred significant damages and may seek assistance more than €10,000. In this case, a second stage will require a more detailed assessment of loss incurred. This will provide the scope for a further payment with the total payment available (initial and subsequent) capped at €100,000. This payment may also be subject to spots checks and subsequent audit in the future

In addition to the flooding schemes, financial assistance by way of low-cost loans is immediately available from Microfinance Ireland to small businesses that cannot get loan financing from other lenders. Loan options include cashflow loans of up to €25,000, which can be used for general business purposes including re stocking and other business costs.  Loans for capital expenditure are also available which could fund the refurbishment of premises or the replacement of equipment.

Notes for Editors 

Neither scheme will provide a contribution for loss of earnings or loss of business good will.

Both schemes apply only to premises that have been flooded.

These schemes are intended as an emergency humanitarian assistance contribution and are not compensation for loss or a replacement for the cover provided by insurance.

A business cannot apply for both schemes.

Microfinance Ireland website: Flood Relief Loan Scheme

Application forms for support will be available on the Irish Red Cross Society website later today and the closing date for applications is 1 December.