Irish authorities have already informed the European Commission that it would be seeking for emergency aid to deal with the consequences to the Irish trade, in particular for the beef, dairy and fishing sectors, according to the outlet.
Irish Agriculture Minister Michael Creed told the newspaper that in case of a hard Brexit, Dublin would be lobbying for a grant aid.
"You’re looking at hundreds of millions here. Between the beef industry and the fishing industry we’re talking mega-money," Creed said.
A spokesman for UK Prime Minister Theresa May said on December 17 that the government had stepped up preparations for leaving the European Union without a deal.
The United Kingdom is expected to leave the European Union in late March 2019.