Late 70's Substantial Oil And Gas Deposits Found Off Irish Coast?

The Irish government in 1977, which was comprised of a single party, Fianna Fail aka the Mafia party, won that election on the basis of giveaways including abolishing local authority taxes ie rates and motor tax, all of which have come back with avengence since. Before it eventually left office it was running the highest budget deficit ever recorded by a developed economy through its voodoo economics. My father always claimed that his party was gambling on the finding of oil and natural gas deposits similar to North Sea or Norwegian levels to bail them out. Nothing substantial was found at that stage!
However, in recent years, in just one area alone off the Mayo coast a major controversy involving Shell and the locals has arose! It's estimated that deposits of oil and gas there are worth an estimated 500 Billion Euros! There is one catch the rights to explore there had been sold by a minister for the mafia party responsible for energy resources, who subsequently went to prison for 'unrelated' corruption charges. Those rights were sold for nothing effectively as it was felt no organisation would drill for them otherwise - imagine the insane logic of that and it's sponsor!
What would happen if the Fianna fail gamble was correct and those finds could be viably exploited from the 1970s - an early and real Celtic Tiger
Substantial benefits for ordinary Irish people ( I doubt that one given the record ) A sooner liberalistaion of Ireland on social issues. Returning Immigrants and no emmigration of any size in the 80s from Ireland. What would be the implications for the North South relationship and our relations with The UK and EU?
 
The Irish government in 1977, which was comprised of a single party, Fianna Fail aka the Mafia party, won that election on the basis of giveaways including abolishing local authority taxes ie rates and motor tax, all of which have come back with avengence since. Before it eventually left office it was running the highest budget deficit ever recorded by a developed economy through its voodoo economics. My father always claimed that his party was gambling on the finding of oil and natural gas deposits similar to North Sea or Norwegian levels to bail them out. Nothing substantial was found at that stage!
However, in recent years, in just one area alone off the Mayo coast a major controversy involving Shell and the locals has arose! It's estimated that deposits of oil and gas there are worth an estimated 500 Billion Euros! There is one catch the rights to explore there had been sold by a minister for the mafia party responsible for energy resources, who subsequently went to prison for 'unrelated' corruption charges. Those rights were sold for nothing effectively as it was felt no organisation would drill for them otherwise - imagine the insane logic of that and it's sponsor!
What would happen if the Fianna fail gamble was correct and those finds could be viably exploited from the 1970s - an early and real Celtic Tiger
Substantial benefits for ordinary Irish people ( I doubt that one given the record ) A sooner liberalistaion of Ireland on social issues. Returning Immigrants and no emmigration of any size in the 80s from Ireland. What would be the implications for the North South relationship and our relations with The UK and EU?
I remember reading that there are significant deposits in the North Atlantic off the west coast of Scotland which are untapped, so this wouldn't surprise me(the government gave up exploration due to the actions of Greenpeace). As such, this would not surprise me one little bit, its just a bit south after all!

You'd probably have the Irish Punt become the hardest currency in Europe for a starter. This whilst harming exports would give Ireland a chronic balance of payments surplus to quite an embarrasing degree. As such, you'd probably see see serious tax-cuts as well. It would also help in terms of foreign policy, handing the Irish a major level for influence.

Really though, it would depend how the money would be managed. I also suppose the Irish government could institute large schemes in Northern Ireland with the promise of more if re-unification were to happen...
 
Given the track record on other matters only a privileged few would benefit among the general Irish population!
 
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