The Government has opened the Humanitarian Support Scheme to small businesses, sports clubs and voluntary organisations that have been affected by flooding as a result of Storm Barra, and are unable to secure flood insurance.
The scheme will also provide funding to a small number of business impacted by flooding in Fermoy in County Cork back in February.
"I know how devastating the recent flooding events have been on businesses and community groups in Cork, particularly in Bantry and Fermoy, and this scheme is set up to provide urgent assistance to those who have no insurance, through no fault of their own, to help with the costs of repairing the damage," said the Tánaiste Leo Varadkar.
"It's been an incredibly challenging period for anyone running a small business or any community organisation and Government is on hand to help with this latest disruption," he added.
The scheme offers a support payment towards the costs of returning small businesses, sporting, voluntary and community premises to their pre-flood condition including the replacement of flooring, fixtures and fittings and damaged stock where relevant.
The scheme will not provide a contribution to loss of earnings.
"We will be working hard to help businesses rebound from this and to secure jobs in the affected communities," the Tánaiste said.
"As with similar weather events in the past the Irish Red Cross Society will administer and make payments under the scheme on behalf of my Department," he added.
This financial support will have two stages.
The first stage will begin immediately and will provide a contribution of up to €5,000, depending on the scale of damage incurred.
The Government said the intention is to process payments as fast as possible.
In the event, that the premises have incurred significant damages above €5,000, businesses can apply for additional financial support, following an assessment by the Irish Red Cross.
The total level of support available for both stages combined is capped at €20,000.
Applications forms for support will be available on the Irish Red Cross Society website: https://www.redcross.ie