The economic cost of the coronavirus crisis through fiscal supports and deferred tax revenue will likely be over €16 billion, Finance Minister Paschal Donohoe estimated today At a press conference to announce the latest Exchequer figures today, Paschal Donohoe indicated that the potential loss of taxation this year could be higher than €8 billion.
That would be on top of an estimated €8 billion cost of the measures already put in place by Government to tackle the impact of the Covid-19 pandemic.
The Minister said it was not possible to put an exact figure on where the public finances will be at the end of the year, but that the numbers for tax revenue and expenditure are currently being reassessed.