The British Irish Chamber of Commerce has called on the Government to set up a €1bn Brexit Response Fund in Budget 2020.
The Chamber believes larger than expected corporate tax revenue should be allocated to support industries most impacted by a 'no-deal' scenario.
In a pre-budget submission it also suggests greater investment in higher education and research links between the UK and Ireland.
The submission calls for a number of policy measures to "protect the Irish economy" from a no-deal Brexit.
"Budget 2020 will be one of the most consequential budgets in the history of the State," said John McGrane, Director-General of the British Irish Chamber of Commerce.
"Ireland is facing the real and growing prospect of a ‘no-deal’ Brexit outcome that will place untold obstructions on UK-Ireland trade. A
"It this critical time, we have to balance short-term uncertainty with long-term imperatives.
"In the shadow of ‘no-deal’, our members are requesting the Government to do more to reassure businesses as they prepare for all eventualities.
"By redirecting €1bn from the larger than expected corporate tax intake into a Brexit Response Fund, Government can shore-up indigenous businesses which are most at risk from a disorderly Brexit.
"From the agri-food sector to freight and haulage, SMEs across Ireland will need urgent protection."