Farmers will be able to avail of the Temporary Business Energy Support Scheme introduced in this year's Budget.
It is not known how many farmers will be eligible for the scheme worth €1.2bn, according to Minister for Agriculture Charlie McConalogue.
However, farmers in Ireland have been hit by surging energy prices since Russia invaded Ukraine.
“This budget supports farm families dealing with the immediate and ongoing fallout of the illegal invasion of Ukraine,” said Minister McConalogue. He was speaking at a post-Budget press conference at Government Buildings this morning.
European farmers are warning of shortages due to energy costs. The anticipated hit to production and jump in prices means supermarkets may switch to sourcing more goods from warmer countries such as Morocco, Turkey, Tunisia and Egypt.
The Department for Agriculture, Food and the Marine received a record level of funding through this year’s Budget.
Funding for the department is up €283m compared to last year's budget representing a 13% increase.
Some €500m of this funding was allocated to the rollout of the CAP Strategic Investment Scheme, which incentivises farmers to invest in becoming more sustainable and comply with climate targets. The overall scheme is worth €10bn and will be rolled out over five years.
Meanwhile, €100m in funding was allocated to improve competitiveness within the beef and sheep sectors.
There was also an all-time high level of funding of €37m injected into the organic farming scheme.
Organic farmers and growers have come under severe pressure due to rising costs.
Teagasc estimates that total input costs have increased by between 13% and 49% depending on enterprise type.
“Costs are going up all the time, fuel is going to be at an all-time high now in the next few weeks, energy has soared up by over 30%, my packaging last year went up over 15%, this year it’s gone up over another 15%,” Cahal Lenehan of JCR Lenehan told the Irish Examiner in recent months.
The Department’s dedicated farm safety budget will also be increased to €2.5m next year.
Stressing the importance of the fund, Minister of State Martin Heydon said: “Unfortunately, 10 people have lost their lives in fatal farm incidents this year. That is 10 too many – 10 farms, families, and communities left devastated.