Universities seek bailout to defray €374m loss

The country's universities are seeking a financial bailout and have said the impact of the Covid-19 pandemic could result in financial losses of more than €370m over the next two years.

The Irish Universities Association has already circulated its Partners in the Recovery document to a number of politicians, warning that it will be disproportionately by the pandemic and so needs a €230m Stability Fund and other supports to come through the crisis.

According to the IUA: "We have completed a preliminary assessment of the financial impact of the crisis on our university members. This indicates a cumulative net loss of the order of €374m across our seven member universities in the financial years 2020 and 2021."

Those losses will be driven by an estimated €181m in lost fee income from international (non-EU) and EU students, a drop of €34m in revenue from rental of on-campus accommodation, especially during the summer period, a decrease of €86m in commercial revenues arising from the prolonged closure of key tourism and event facilities, such as Book of Kells, and a €37m fall in additional costs due to the major disruption of research activities.

The IUA said: "A €230m Stability Fund is required to provide targeted support for students and their families in the aftermath of the crisis focused on enhanced Access programmes, improved Susi grant and well-being supports."

It also called for a Transformation Fund to support an enhanced skills development programme and a Research and Innovation Fund with at least €80m per year extra to support talent and innovation.

"As the pandemic extends, the long- term impact on key research programmes grows and the livelihoods of professional researchers, the majority of whom are on fixed-term contracts, are imperilled," it said.

Meanwhile, the leaders of Ireland’s main Churches have said the current restrictions were challenging, but necessary, and urged the Northern Executive to consider easing a block on church buildings being used for individual visits and private prayer.