The Agriculture Minister Michael Creed has announced details of the €100 million Beef Exceptional Aid Measure for Irish farmers.
The funding is being provided by the EU and the Irish Government in recognition of the difficult circumstances beef farmers are experiencing as a result of market volatility and the uncertainty arising from Brexit.
Aid will be paid on adult cattle slaughtered between 24th Spet 2018 and May 12th 2019 at a rate of €100 per animal, subject to a maximum of 100 finished animals per herd.
Aid will also be paid on suckler cows that calved in 2018.
Dairy herds are not eligible for the assistance - with the exception of dairy herds of less than 40 dairy cows.
The scheme will open for applications during the third week of August, and applications will be accepted online through AgFood.ie
Mayo FG Senator Michelle Mulherin has welcomed the new fund to assist suckler farmers, who she says are the lifeblood of this region.
However, the IFA says substantially more funding and supports will be needed for the beef sector, given the increasing threat of a no-deal Brexit.
While welcoming the scheme announced today which covers losses between September and May, IFA President Joe Healy says unfortunately prices have deteriorated much further since May, with base prices down €160 per head.
He's calling for further direct aid support for farmers to deal with losses incurred since May.
The ICMSA says the decision to exclude dairy farmers with herds of over 40 cows from the new scheme is unjust and unfair and sets a dangerous precedent.