The Taoiseach has been greeted in O'Connor Square in Tullamore by more than 3,000 people.
In an address to the crowd, Mr Cowen promised take whatever action necessary to prevent permanent damage to the achievements of the economy of the State.
Mr Cowen said the Irish people had shown a positive attitude to those who had come from other countries to live here, in the same way the Irish had been welcomed all over the world in previous years.
Mr Cowen is still speaking in Tullamore but will travel on to a civic reception at the county council offices later this afternoon.
