Ireland sees 38 billion euro bill for COVID-19 measures in 2020-1

Ireland expects to have spent a total of 38 billion euros ($45 billion) on COVID-19 measures by the end of next year, taking account of government plans to withdraw supports gradually, Ireland's Department of Finance said on Thursday.

That is the equivalent of 18.5% of national income, as measured by GNI*, which the Irish government considers the most accurate measure of the real economy, the department said in a report.

"Once an effective vaccine (or other therapeutics) is rolled-out and economic recovery more firmly entrenched, fiscal support must be withdrawn in a gradual manner," Finance Minister Paschal Donohoe said in a statement. ($1 = 0.8400 euros)