The decision to move to Level 5 was a difficult one for the government according to Tipperary TD Jackie Cahill.
However the Fianna Fáil representative said the move had to be taken due to the rapid increase in Covid-19 cases.
The second lockdown is going to cost the state around €1.2 billion in increased social welfare payments alone.
Six weeks of level five restrictions will kick in from midnight Wednesday night with the likely loss of 150,000 jobs.
People will be told to stay at home and only venture beyond 5km from their homes in limited circumstances.
Deputy Cahill says financial support for businesses will be kept under review.
“I suppose the weather matches the mood out there this morning – we have a real winters morning.”
“The bottom line is the health of the nation is paramount and this decision was taken on the best medical advice and this decision was taken on the best medical advice. Unfortunately the figures have escalated rapidly in the last couple of weeks.”
“There were very difficult decisions taken yesterday and the financial back-up for these firms is in place and they will have to be reviewed to make sure it’s adequate in the situation we find ourselves in.”