Minister for Finance Paschal Donohoe said the budegtary package, amounting to a total spend of €17.75 billion, was unprecedented in its size and scale.
More than €17 billion relates to expenditure with a further €270 million in taxation measures.
€8.5 billion will do towards public services to address the challenges of Covid-19, including €2.1 billion in contingency funding.
€3.8 billion will be spent on supporting existing services across a range of departments, in particular the Department of Health, he said.
Spending on core capital programmes will increase by €1.6 billion next year.
A Recovery Fund to stimulate demand and employment will be established and funded to the tune of €3.4 billion.
Paschal Donohoe said the fund would be targeted and would be aimed at boosting domestic dermand and employment and would be focused on three main areas.
These are infrastructure development, reskilling and retraining, supporting investment and jobs.
Capital expenditure will increase to €10.1 billion, the minister announced.
He said it was the largest amount that has ever been allocated to investment in schools, homes and public transport.
