Huge financial loss for restaurants as parades are cancelled

The Restaurant Association of Ireland has warned of a huge financial loss to its members following the mass cancellation of St Patrick’s Day parades.

In a statement this morning, the RAI said that while it fully supports the Government’s decision in the interest of public safety, the losses to restaurants and the hospitality sector will need to be taken into consideration.

Adrian Cummins, chief executive of the RAI, said: “We are demanding that the Government immediately implement emergency business supports to prevent closures and job losses.

“What we’re hearing from our members is that they are experiencing 80 percent corporate booking cancellations due to COVID-19. The cancellation of one of the biggest tourism draws of the year is a further blow to many restaurant businesses and could be the straw that breaks the camel’s back.

“While our number one priority is the safety of our customers and the public, we need the Government to step up and step in and help Irish restaurants survive.”

The Restaurant Association’s top four asks of the Government are:

•    Immediate reduction of the VAT rate to 9 percent for tourism and hospitality businesses for a minimum period of six months.
•    Irish banks must defer loan repayments for at least six months.
•    Revenue must introduce a moratorium on VAT payments.
•    Employer PRSI must be halved to support employers.