Clearing the way for the beginning of the construction phase of the new 3,110 metre long runway.
Dublin Airport is set for another expansion plan, after the success of Terminal 2 since it was opened in late November 2010, with the construction of a new 3,110 metre long runway built 1.6km north of the main runway, and a proposed new Metro North from city centre to the airport.
The cost of this new runway is around €320 million, and is set to be completed by 2020.
The news was widely welcomed by the Dublin Airport Authority (DAA,) tourism and local businesses bodies alike, as it will directly provide 1,200 new jobs during the construction process of the runway.
As well as providing many new job opportunities down the supply chain in the form of construction materials, logistics, and IT.
The completion of a new runway could support a further 31,000 new jobs over the next two decades, contributing €2.2 billion to GDP.
Welcoming the announcement, Chambers Ireland, said expanding the capacity at Dublin Airport will increase international connectivity, grow access to external markets for Irish business and bolster the country's ability to attract Foreign Direct Investment.
“The Chamber has supported the development of a new runway at Dublin Airport. This vital piece of infrastructure will further enhance Ireland’s connectivity to existing destinations and in particular to new and emerging marketsacross the world.”
“This is the most significant news on the jobs front for not only the North County, but for the entire Dublin region,” said Lambert.
Local councillor, Joe Newman (NP) said,
“I welcome the fact that there will be 31,000 jobs created in the two decades after the runway is built and 7000 by 2023, particularly since many of these jobs will benefit the local community.”
Ian Talbot, chief executive of Chambers Ireland said,
“This is a vital piece of national infrastructure that will support the continued growth of Ireland’s economy.
Ireland is fundamentally a trading economy, and as an island nation, we must strive to ensure that we have the international air connectivity necessary to allow our businesses to grow and create jobs.”
But Dublin Chamber said a long term strategy was needed to make sure that the impact of this growth at Dublin Airport does not become solely a regional gain.
"Dublin Airport has become a critical piece of Ireland’s economy and the capacity gained by the second runway means we can ‘land’ more businesses and tourists across the country,”
45,000 construction jobs will be created with the Governments new €27bn capital spending plan.
The plans include the construction of the long awaited Metro North rail line, and a series of new road and schools programmes.
This will also include a metro from Dublin city centre to the airport and Swords - the DAA has welcomed the decision.
"We have been highly supportive of the plans for a rail link from Dublin Airport to the city centre for many years and we're pleased that the Government has approved the new Metro North option," said DAA chief executive Kevin Toland.
"Dublin Airport plays an essential role in the Irish economy, supporting trade and tourism and a Metro link to the city centre will significantly improve the transport options for passengers," he added.
Last year, 36% of passengers used buses to access Dublin Airport, while 33% of passengers came by private car and 22% used taxi services.
Construction of this new Metro North will not start until 2012, and will take fiver to six years to complete.
Transport Minister Paschal Donohoe says the cost of the revised project has significantly reduced "...the overall cost of the old version of Metro North.
This is something that was schrouded in many different levels of secrecy, but the current plan that I have announced today I anticipate will save approximately €1bn."