The €3.1bn coronavirus stimulus package agreed by the government is 30-times larger, on a per capita basis, than the one authorised by the US government.

The Irish package equates to €630 per person, making it four-times bigger than the €7bn spending plan announced by Germany (€148), and 30x larger than the €7bn package approved by the White House, which amount to €21 per person.

‘These amounts are likely to change as the crisis develops, but it clearly shows how serious the Irish government is now taking the issue,’ said Dermot O’Leary, chief economist of Davy Stockbrokers.

The government on Monday evening announced reforms to sick pay, illness benefit and supplementary benefit to allow workers and self-employed persons to isolate during the outbreak.

The social protections measures are estimated to cost as much as €2.4bn. The government also agreed to €200m in liquidity funding for businesses, and an extra €435m for the HSE.

The funds will go into improving capacity in the health service; increasing staffing and overtime; developing home testing and remote management solutions for mildly ill patients; and pushing community awareness and preventative actions.

‘The main objective in the current phase is to limit and slow down the spread of the virus, to keep the number of affected people to a minimum and reduce peak pressure on the health service, the government said in a statement.

‘Ireland remains in the Containment Phase and all necessary measures, based on public health advice, should continue to be implemented.

‘Ireland will move towards Delay and Mitigation Phases over the coming weeks and months, with our response calibrated in accordance with public health advice.