Why the Diaspora Matters
Our diaspora story is powerful and deeply emotional.
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Since the 17th Century Irish people have been leaving our Island in search of new opportunities.
Ireland’s history of emigration is well documented. It’s created an emotive echo down the generations - whether we are of the 6 million who live in Ireland or of the 70 million of us living around the globe who identify as Irish.
It is fascinating to see how widely the Irish Diaspora scattered around the world…
Where did we go?
Great Britain
A key destination up to the 1930s, especially during Britain’s post-war economic boom. Britain's wartime economy (1939–45) and post-war boom attracted many Irish people to expanding cities and towns such as London, Liverpool, Manchester, Birmingham, Glasgow and Luton.
USA
Nearly two million Irish emigrated due to the Famine between 1845 and 1855, shaping a strong Irish-American community.
Ireland's Transition to Prosperity
European Union & Economic Growth
Our transition from a poor country to a prosperous globalised one began when Ireland joined the European Union in 1973. When Ireland joined it was the poorest member of the Union. As the poorest member, we were entitled to many subsidies, especially for agriculture, the largest sector of its economy at that time. From 1973 to 2018, Ireland received over forty billion euros in EU funds. The funds paid for major infrastructure projects, such as motorways, the Dublin Port Tunnel and the Dublin Area Rapid Transit system. The funds also transformed the lives of thousands of farmers as subsidies were introduced which supported the sector on a myriad of levels.
Foreign Direct Investment
From the 1990s FDI - led by the major U.S. pharmaceutical and I.T. companies - has transformed the Irish economy. These companies located in Ireland for a variety of reasons including; (1) access to the European Union markets, (2) the availability of the incentives offered by the State, and (3) access to Ireland’s young, educated workforce.
Celtic Tiger
The economy had various growth spurts over the two decades from the 1990’s. There was particular growth in the property and construction sector. The "Celtic Tiger" era continued until the 2008 global financial crisis and the resultant down-turn in the Irish economy.
Financial Crash
Post-2008 the Irish financial institutions faced almost imminent collapse. The Irish banks were very heavily invested in the property sector which left the lending institutions and the Central Bank very exposed.
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In September 2008, the Irish Government instigated a €64 billion bank bailout of Irish domestic banks under the Credit Institutions (Financial Support) Act. This was done to protect the banks to continue to lend into the Irish economy. The money was borrowed by the Irish government. The result was gradual recovery in market confidence and repayment of the central bank borrowings.
On 28 November 2008, the European Union, International Monetary Fund and the Irish state agreed to an €85 billion rescue deal made up of €22.5 billion from the IMF, €22.5 billion from the European Financial Stability Facility (EFSF), €17.5 billion from the Irish sovereign National Pension Reserve Fund (NPRF) and bilateral loans from the U.K. Denmark and Sweden.
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NAMA (National Asset Management Agency) was established by the government in December 2009 as a ‘bad bank’. It acquired property loans from Irish banks in return for government bonds. The purpose of this was to the improve the availability of credit in the Irish economy. NAMA provided 25bn of liquidity to the Irish banks, only part of the estimated 100bn of liquidity lost by the banks. NAMA divested of the property loans by bundling loans and selling off loan books to international funds and to Irish REITS
​​​Ireland’s economy recovered. However the destruction of the property sector had serious complications, which are still being dealt with as we struggle to deal with a shortage of housing.
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Ireland is now home to a “Reverse Diaspora” 1 in 5 people who now live in Ireland were not born here.
The 2022 census notes that 313,000 EU born people now live in Ireland. The enlargement of the EU and it’s open borders has brought many highly educated people to work in our tech and pharma industry. Our political migrants from further afield are part of our new reality. There are some challenges as we provide the best environment for them to grow into citizens that will contribute to society. As a country we are hospitable and welcoming and this is the foundation.
Our Irish Diaspora influence continues to grow as our global connectivity increases. The Irish government's Emigrant Support Programme and initiatives like the Global Irish Network harness the potential of the global Irish community, ensuring that Irish culture and influence continues to thrive worldwide.
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Our diaspora continues to be a vital asset for Ireland's social and economic development. It’s commitment to philanthropy ensures continuous support for cultural, educational, and social initiatives in Ireland.
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By tapping into our global community, we can achieve tremendous progress and development, embracing the spirit of community and the resilience that has defined the Irish diaspora for generations.
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The success stories of individuals like The Kennedy Brothers, Tony O'Reilly, Chuck Feeney, Neville Isdell, Mike Feerick is testament to the influence of Irish Americans. Their connections, investments and philanthropic efforts in their ‘Home Place’ is to be celebrated…
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I feel a profound sense of pride in Irish American’s success and celebrate their resilience, their passion and the wonderful Irish communities they have created.
