Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

Yes, that has been included in the all-island rail strategy review that the shared island unit in my Department is helping to fund in order to identify the potential in that regard. There has been very significant investment in the urban regeneration and development fund, URDF, programme by the Minister for Housing, Local Government and Heritage, Deputy Darragh O'Brien, in respect of many towns across the west. There is a whole range of investment vehicles from the State and the vast bulk of the investment is now generated by taxpayers and allocated through the various national strategies in terms of investment in the west.

In response to Deputy Barry, as I referenced this morning, there is a significant issue facing the country in the context of inflation. It is a global phenomenon. There are no easy answers. The invasion of Ukraine by Russia, an illegal war, is going to add to inflation, in particular in respect of energy prices.

I said earlier that in 2020, the country spent approximately €3.4 billion on imported fuels. In 2021, it spent €6.2 billion. That gives an illustration. There was a €2.8 billion increase in the bill for imported fuels and that reflects the higher prices on the international markets. A year ago, a barrel of oil cost $64 on international markets. Today, it costs $110. Oil prices have risen by $14 a barrel over the past week. This is not the Government's fault. It is just the reality of the international situation in regard to energy.

See this speech in context