A new body is to be established to examine gaps in flood protection insurance with a growing number of homes in high-risk areas unable to obtain affordable premiums.
Tánaiste and Minister for Finance Simon Harris is expected to bring a memo to Cabinet in the coming weeks proposing that an external chairperson be appointed to head a flood insurance protection gap working group.
Research by the Central Bank found that one in 20 buildings - approximately 5% - has limited access to flood insurance and that 54% of this gap is concentrated in counties Dublin, Cork, Louth, Clare and Kildare.
However, the 2024 research also notes how no single solution exists to address the flood protection gap.
Senior government ministers met as part of the subgroup on insurance reform yesterday to discuss the State's approach to flooding and support for homes in high-risk areas.
The meeting heard that approximately 14% of buildings are exposed to flood risks and that a "public-private partnership" approach will be needed to address the problem.
It is understood the meeting also received a briefing of the cost of recent extreme weather events.
When Storm Chandra, which hit Ireland in January, is taken into account, over €40 million has been paid under the Department of Social Protection and Department of Enterprise support schemes since 2009.
However, ministers were told that the level of insured losses since 2000 is almost €2 billion.
Sinn Féin Spokesperson on Finance Pearse Doherty has previously accused the Government of "complacency" and "not having a concrete plan" when it came to tackling gaps in flood protection insurance.
He told the Dáil in the wake of Storm Chandra that around 290,000 buildings in the State that have limited or no flood insurance.
The Cabinet will shortly discuss responses to flooding events, with Mr Harris proposing for the working group to be established.
A spokesperson for Mr Harris said: "The Tánaiste is clear that the flood protection gap that exists cannot be solved by insurance alone and requires a public/private partnership to drive forward potential solutions.
"He looks forward to bringing a memo to Cabinet shortly and is determined to work with colleagues to make progress in this area and to support households that are currently in a very difficult bind."
