The deal agreed between DAA management and unions also includes graduated pay cuts, a pay freeze, and changes in work practices and efficiencies.
However, if certain profit targets are met, staff could receive lump sum payments, or even secure reinstatement of pay rates.
Falls in passenger traffic and commercial income have triggered a €70m earnings shortfall for DAA.
The package agreed at the Labour Relations Commission between management, SIPTU, IMPACT and Mandate includes around 300 voluntary redundancies, and the non-renewal of a further 150 short term contracts.
Graduated pay cuts, ranging from 0-12% will average 5.5% - though staff earning below €30,000 will not have their salaries reduced.
There will also be a two year pay freeze, and changes in work practices and efficiencies.
However, under a scheme called the Employee Recovery Contribution Plan, if the company's profit levels reach specific targets, staff may receive a one off payments, or even full restoration of pay levels.
Both management and unions are recommending acceptance.
The voluntary severance process will commence after staff ballot on the proposals early in the new year - assuming they approve them.
If they do, the lower cost base could help the DAA in tendering for the operating contract for the second terminal at Dublin Airport, which is due to open in November.
