Businesses most effected by Storm Babet could get up to €100,000 in emergency financial aid, under a plan Minister for Enterprise Simon Coveney is set to propose before the cabinet today.

It is expected that more than 150 premises, including businesses, sporting and community facilities in Midleton, Co Cork, and other areas will avail of funding.

The humanitarian scheme will be administered by the Department of Enterprise, Trade and Employment through the Irish Red Cross.

It will allow for quick payments of €10,000 and audited and assessed payments of up to €100,000; whilst the current scheme — where payments are capped at €20,000 — will remain in existence and will likely be sufficient for some businesses where the damage was less severe.

Likewise, Microfinance Ireland will be offering low-cost loans of up to €25,000 to help effected traders get back up and running quickly. Speaking before Cabinet, Minister for the Environment Eamon Ryan said: "We are seeing climate change hit home and we have to prepare for it."

Ryan also stated that emergency funding and loans were necessary due to the "unprecedented" scale of the floods, which swept across Ireland and the UK on Thursday, battering coastal areas with exceptional levels of rainfall.

Photo: Cork Safety Alerts on Twitter

"We're going into winter where in July this year the rainfall was 200% above normal. So our water tables usually fall in the summer period and then rise in the winter. They haven't fallen this summer because it was such intense rain in the summer," Minister Ryan warned.

"I think the local authorities need to be particularly vigilant around drainage around measuring water table. Really kind of trying to assess the flood risk before it happens."

He added that the flood relief scheme must be implemented rapidly and efficiently, in order to provide much-needed aid to those most effected by the weather event.

"we need to deliver a wider review of our flood management, looking upstream looking how we want to manage our rivers."

There will also be considerable changes to rules surrounding Social Protection payments to repair damaged homes.

Minister for Social Protection Heather Humphreys is set to extend income thresholds, allowing more people to have the full repair costs covered.

Minister for Sports Thomas Byrne has also said that his department is willing to make one-off special payments to sport clubs impacted by Storm Babet. The money would be available to clubs if they do not qualify for other schemes, or are not insured, aiming to quickly restore playing facilities.

Eamon Ryan will seek Cabinet approval for the introduction of a new low-cost energy upgrade loan scheme. The €500m scheme, which is being underpinned by the European Investment Bank Group, aims to help homeowners make their homes warmer and cheaper to run. People will be able to borrow from €5,000 to €75,000 at interest rates that will be significantly lower than those currently available in the market.