The European Commission has agreed to a €50 million fund to support Ireland's beef sector.
Under the plan, the Government here will be allowed match the figure - bringing the total potential aid package to €100 million.
It comes after a recent government submission to the commission sought help for the struggling sector, and follows weeks of protests by farmers on the issue.
They've raised concerns about the impact the ongoing Brexit process is having on the beef sector.
Irish Farmers' Association President Joe Healy said he'd spoken directly to European Commissioner for Agriculture Phil Hogan.
Mr Healy observed: “Beef farmers have suffered savage price losses due to Brexit uncertainty and it is a welcome development that the EU Commission has recognised this and responded to the IFA proposal."
The IFA's National Livestock Chairman Angus Woods added that '"finer details of the scheme had to be finalised".
However, he stressed that it's "vital that every cent goes directly to farmers".
Agriculture Minister Michael Creed, meanwhile, said the Government had "worked hard for some time" to secure the support from the EU.
He suggested: "It is another example of the importance of EU solidarity when it comes to facing significant economic challenges."
I am very pleased that our efforts to obtain an exceptional aid package from the EU Commission for Irish beef farmers have succeeded pic.twitter.com/SqFAx3icwR
— Michael Creed TD (@creedcnw) May 15, 2019
