Finance Minister Paschal Donohoe said that Ireland will receive a fair share of the EU's exceptional Covid-19 Recovery and Resilience Facility of €673 billion.
Ireland's initial allocation under the RRF is €853m with a predicted €70m more due in 2023.
Paschal Donohoe said that he and Public Expenditure and Reform Minister Michael McGrath will put in Ireland's submission in the coming weeks to access that share of the funding.
The money will be used to fund programmes, particularly green schemes, and schemes designed to help people get back to work.
The Eurogroup's meeting today will be chaired by Paschal Donohoe, the chairman of the group.
Speaking in advance of today's meeting, Mr Donohoe, said that the European response to Covid-19 has shown the power and potential of co-operative action.
"It is now time to build the strong and equitable recovery our citizens need, and, beyond that, deliver the sustainable Green and Digital focused European economy of tomorrow," he added.
Eurogroup ministers will also discuss the likely future direction of financial and monetary policy of the incoming Biden administration with noted US economist and commentator Professor Lawrence H Summers.
For our first #Eurogroup of the year, I'm delighted to welcome Prof. @LHSummers for a discussion on the future of EU-US cooperation. We will also take stock of how euro-area economies are changing due to #COVID19 and how we prepare to implement the EU’s #RecoveryFund. pic.twitter.com/u4sLK2KfIt— Paschal Donohoe (@Paschald) January 18, 2021
Speaking on RTÉ's Claire Byrne show this morning, Paschal Donohoe said the Government's decision to re-open shops and hospitality before Christmas has "played a role in where we are now".
However, he added, none of the advice allowed for the new Covid-19 variant in the country.
He said the Government made the decision in the context of the economy having been closed for many, many weeks, the fact that many people had been out of work and amid concerns for their mental well being.
Mr Donohoe said that those who have bills to pay, as a result of being placed on the wage subsidy scheme, will be able to spread the repayments over four years.
He said that personal tax collection has held up well throughout the pandemic and that, this in turn, funds measures to help get people back to work.