The Seanad Brexit Committee has called for a relaxation of EU fiscal rules to allow the Government to step in to support the businesses and industries worst affected by Brexit.
Senators published a report which contains over 100 recommendations on how to address the problems associated with Brexit
Senator Michelle Mulherin said the Government had to be allowed to "create more fiscal space" by seeking a derogation from the EU from fiscal rules in order to support small and medium enterprises.
Senator Ged Nash said a unique case could be made to adapt EU fiscal rules.
"The €2.6 billion that is currently available won't be sufficient to 'Brexit proof' the economy" he said.
The committee has also warned that flights will be cancelled and millions of euro will be lost in the aviation industry unless a new Open Skies aviation deal is negotiated next year.
Committee chairman Senator Neale Richmond said "quite frankly this would be a disaster for the airline industry, flights would be cancelled, millions would be lost, we need to get this agreement sorted as a priority".
The committee also called for greater urgency in fast tracking the establishment of the so called 'Celtic Interconnector' between Ireland and France.
"We can no longer rely on the UK for energy supply, the Celtic Interconnector would provide greater security around the energy area after Brexit" said Senator Richmond.
Mr Richmond believes that there are five key recommendations which should be put in place as a priority. These include:
- An EU-UK-US open skies agreement: Separate EU-UK and US-UK Open Skies Agreements will need to be agreed to replace the current EU-US Open Skies arrangements, to which the UK will no longer be a party, a new agreement is needed before spring 2018.
- German Model for all-island trade: Using the example of a trade arrangement between East and West Germany before its reunification in 1990 and referenced in the Treaty of Rome; under the 'German model' trade on the island of Ireland would be considered as all-island trade and within the one economy.
- Anglo-Irish relations: Though no bilateral negotiations are permitted with regard to Brexit, both the British Irish Council and the British Irish Parliamentary Assembly can be expanded and used as tools to allow for this both formally and informally.
- Movement of Goods: A pre-clearance model for goods may function as part of a solution, whereby trucks and drivers can pass through the UK land-bridge without incurring duties or checks.
- Energy supply: In the event of a hard Brexit, the most obvious solution is the completion of the Celtic Interconnector between Ireland and France, which would reduce Ireland's reliance on the UK.
The committee's report will be sent to all Government departments, all member state governments, the European Commission, the European Parliament, and the European Council.