A scheme that Minister for Enterprise Simon Coveney will present to Cabinet today may provide up to €100,000 in financial relief to businesses and organisations who were most severely damaged by floods during Storm Babet.

Through the Irish Red Cross, the Department of Enterprise, Trade and Employment will oversee the extraordinary humanitarian programme.

It is anticipated that up to 150 locations in Midleton, County Cork, including companies, sports complexes, and community centres, would submit applications for the cash.

Quick payments of €10,000 and audited and graded payments up to €100,000 will be possible with it.

The present programme, which caps compensation at €20,000, will stay in place and be adequate for certain enterprises in cases where the damage was not as bad.

On the other hand, Microfinance Ireland will provide affordable loans of up to €25,000 to assist traders in promptly resuming their business.