EU leaders plan €5bn stimulus package

EU leaders were last night inching towards agreeing a €5 billion package to help stimulate economies, including €110 million for an Irish electricity interconnector — €10m more than originally planned.

But at the two-day summit in Brussels, Germany was insisting that the money will have to be drawn down next year, raising questions about whether the interconnector between Ireland and Wales will be ready to go ahead by then.

Ireland will also benefit from a share of €165m for spending on the North Sea Grid, which will link up electricity generated from wind energy between five countries — Ireland, Denmark, Britain, Netherlands and Germany. This is €15m more than the original proposal.