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(Bloomberg) — Companies in Ireland will be able to claim up to €10,000 ($9,600) a month to help with energy bills amid a raft of government measures totaling €11 billion.

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In addition to a budget of €6.9 billion, Finance Minister Paschal Donohoe on Tuesday announced a €4.1 billion package of one-off cost-of-living support to be paid before the end of 2022. 

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Ireland’s fiscal plan for the following year is normally announced in October but was brought forward amid a worsening economic environment. In contrast to governments elsewhere, the country is not increasing borrowing to fund its package, having accrued a fiscal surplus fueled by corporate-tax receipts. 

Budget 2023 “is and must be a ‘cost-of-living budget,’ focused on helping individuals, families and businesses to deal with rising prices,” Donohoe said in a speech to Ireland’s parliament.

Announced measures include: 

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Extra Money

Ireland is not alone in trying to help households and businesses. The French government on Monday announced extra spending plans to cushion energy-price shocks, while the UK recently unveiled a package of its own.   

Even so, expectations for Ireland’s budget were high given the fiscal position. Ireland will register a General Government surplus of €1 billion in 2022 and €6.2 billion in 2023, Donohoe said. Corporate tax receipts are expected to exceed €20 billion this year.

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The finance chief intends to maintain a reserve in order to tackle potential further economic challenges. ‘Excess’ corporation tax revenue which may be more vulnerable to a shock could amount to €8-€10 billion this year, according to government calculations.

“While these receipts are extremely welcome, they cannot be depended upon to fund permanent expenditure,” Donohoe said. “To do so, would be to repeat the mistakes of the years leading up to the Global Financial Crisis.”

The government will not impose a windfall tax on energy firms at this time, pending a directive on a European Union level, though Ireland will bring forward measures if this doesn’t happen, he said.

“This should not be seen as a windfall budget,” said Michael Rooney of EY Ireland. “Most people have already mentally set this money aside to pay for the cost-of-living pressures they will face over the long winter months.”