There has been a mixed response to the agreement on the Common Agriculture Policy.
European Agriculture ministers have reached consensus on changes to the deal - with a vote by the European Parliament due later.
The CAP accounts for 40% of EU spending - and pays out over €1.2bn a year in farm grants to Irish farmers.
Young farmers are welcoming a top-up to their funding - while an abolition of sugar quotas by 2017 is being hailed as a 'new dawn' for the Irish sugar industry.
However, other farmers groups say the agreement - if passed - will mean significant cuts for tens of thousands of farmers.