The Culture Minister says it's a landmark day for the arts sector - with over a billion euro of investment being announced.
€460m will go towards cultural institutions as part of Project Ireland 2040 - and will see renovations of sites such as the National Library and the National Archives.
Gaeltacht areas, as well as theatres, museums and arts centres around the country, will also receive funding.
€200m will be invested in the media production industry with €105m for Gaeltacht areas.
€10m will also be put towards digitising the national collections to preserve them online.
Around 40 million euro will be spent on developing regional arts centres, theatres, museums and galleries.
Josepha Madigan says the investment will give the arts sector a boost.
She said: "It's a major step change really when a lot of people would be of the view that this sector was neglected for many years.
"It's the first time we would have a 10-year multi-annual plan."