Coronavirus has already erased Ireland's budget surplus - minister

Ireland had already likely used up its projected budget surplus of 0.7% of gross domestic product on coronavirus-related fiscal measures before the additional support announced on Tuesday, Irish Finance Minister Paschal Donohoe said.

"We came into 2020 with a growing surplus, it's fair to say that all of that has now been used in responding back to the public health needs that we had just over two weeks ago and also due to the very sudden decline in tax revenue that's likely to take place in March," Donohoe told a news conference.