The Finance Minister says a judgement will have to be made soon on which approach to take in the budget as the risk of a no-deal Brexit grows.
The Government is preparing two strategies based on whether the UK leaves the EU with or without a deal.
The impact of Britain crashing out of the European Union is predicted to have serious consequences for the Irish economy.
Minister Paschal Donohoe says a decision will have to be made soon on which strategy to take in October's budget.
He said: "We're working hard on both scenarios but will be making and will be approaching a point soon enough where we will need to make a decision about what will be the central case scenario.
"As the Taoiseach said yesterday, there is still time available. It is not inevitable.
"But my view is that it [a no-deal Brexit] is that it is a growing and material risk."