IDA Ireland, Ireland's agency responsible for attracting direct foreign investment, awarded Intel €30 million in 2023 to offset the rising costs of EU power bills due to Russia's invasion of Ukraine. A recent report from The Irish Times found the amount of the previously unknown sum Intel received from the Irish government as part of a larger €100 million investment into microprocessor producers in March 2023.
The IDA cleared its plans to invest €100 million into Ireland's tech industry with the European Commission, which blamed "significant economic uncertainties, disrupted trade flows and supply chains and led to exceptionally large and unexpected price increases, especially in natural gas and electricity" caused by the Russian invasion. The payment was deemed "necessary, appropriate and proportionate to remedy a serious disturbance in the economy" by the governing body.
