Ireland is to receive €148m from the European Union over the next six years under the Common Fisheries Policy.

The announcement is due to be made in Brussels tomorrow.

The new funding is more than double the amount Ireland received in the previous round of the CFP.

It is understood that around €70m of the new funds will go towards the sustainable development, marketing and processing of the seafood industry.

The industry contributes €700m annually to the national income and employs around 11,000 people, mainly in coastal communities.

Close to €500m worth of fish was exported from Ireland last year.