The Government has signed off on a new €750,000 scheme for businesses affected by the fire last weekend at the Tycor Business Centre in Waterford city.
Up to 40 premises as well as community groups and social enterprises lost their units in last weekend's fire, impacting hundreds of people.
The scheme will provide for once-off financial support of up to €30,000 to businesses subject to assessment by the local authority.
This will also be in conjunction with the development of a recovery plan for the business supported by the Local Enterprise Office.
An initial ex-gratia payment of up to €5,000 is to be made available.
The Government has also agreed the development of a dedicated support loan for businesses and organisations impacted by the fire.
The financial assistance follows a meeting between Minister for Enterprise, Trade and Employment Peter Burke and Minister of State John Cummins and businesses in Waterford on Tuesday.
The scheme was approved at a Cabinet meeting this afternoon.
The scheme will the administered by Waterford City and County Council in cooperation with the Local Enterprise Office.
The local authority will have responsibility for determining the eligible businesses and community, voluntary and sporting organisations.
The Government has said the aim of the scheme is to support businesses continuity and to limit the potential for job losses in the area.
Following this afternoon's meeting, Minister Burke said the Government had "responded rapidly to this devastating fire".
He said: "I have received agreement to develop a new €750,000 scheme that will help these small businesses get back on their feet and start trading again.
"The scheme will provide for up to €30,000 in funding, of which up to €5,000 will initially be made available to businesses impacted while the scheme details are being finalised.
"The Tycor Business Centre was a hugely important part of the local economy and was home to a variety of businesses and community groups where up to 200 people worked."
Government Chief Whip and Minister of State at the Department of Health with Special Responsibility for Mental Health Mary Butler said: "This was a devastating incident in the heart of Waterford and the fallout has been far reaching.
"Many local businesses, social enterprises, community groups and a day service for people with disabilities have felt severe effects."
Minister Cummins added: "What has occurred in Tycor is an unprecedented situation and our thoughts remain with those affected by this fire.
"I hope that these supports will offer comfort and clarity to business owners who saw their lives turned upside down as recently as six days ago."
The company that owns the Tycor Business Centre in Waterford city has said the cause of the fire that broke out at the premises remains under investigation.
Causeway Group, one of Waterford's most prolific property management companies, owns the majority of the business centre that is located at the old Jute Factory.
The group's CEO, Sean Johnston previously told RTÉ News that investigations into the how the fire started are continuing and CCTV has been passed on to the gardaí.
