TAOISEACH MICHEÁL MARTIN has said that there was “a lot of pessimism” about the potential medium-term impact of the war in Iran on supply and prices at last night’s dinner of European leaders in Cyprus – but he said Ireland is in a “better position” to weather the storm.
Speaking to reporters after the informal EU summit in Nicosia on Thursday, Martin said the conflict in Iran, which began in early 2026, has disrupted global oil supplies and pushed up energy costs across Europe. However, he noted that Ireland's reliance on renewable energy and its limited exposure to Iranian oil imports make it less vulnerable than many EU states.
“There is a lot of pessimism around the table about what this means for the European economy in the medium term,” Martin said. “But Ireland is in a better position than most. We have strong fundamentals, and we will still grow, albeit at a slower pace.”
The Taoiseach added that the EU is exploring measures to mitigate the economic fallout, including potential subsidies for energy-intensive industries and a coordinated release of strategic oil reserves. No formal decisions were taken at the dinner, but discussions will continue at the next EU summit in June.
