The cost of the MetroLink project could rise as high as €17.5bn, cabinet to hear.
According to RTE, the minimum cost of building a metro in Dublin has more than doubled in four years.
The current price tag is now between €14.4bn and €17.5bn, reports have confirmed.
The Government has approved the current cost of the MetroLink and it is expected that works will begin next year.
When the Government first applied for planning permission for the MetroLink back in 2022, the predicted cost was around €9.5bn, with it now standing at around €14.4bn to €17.5bn.
Today, the Government have said, according to RTE, that today's decision by Cabinet allows the market to tender for the construction and operation of MetroLink.
Construction of MetroLink is expected to get underway next year, with the aim of beginning operations within 10 to 12 years, between 2036 and 2038.
However, the project must first go through a detailed procurement process. The initial cost of the project will only be known once bids have been received and accepted.
CEO of Transport Infrastructure Ireland Lorcan O'Connor said via RTE that the final price will not be known until the bids are received and the Government approves.
"Nobody is denying that that's a lot of money. But I think the important thing to note is the benefits that this project will generate. What the business case is showing is a very compelling investment case with a significant return on that money, and the kind of benefits we're talking about there aren't just faster journey times, reduced congestion, or reduced CO2 emissions, but far wider benefits as well," O'Connor said.
"So, for example, there will be the direct additional housing stock facilitated by this project of about 77,000 units. But if you look along the entire alignment, it will probably act as a catalyst for a few 100,000 housing units. It will also offer an opportunity to regenerate areas of Dublin that are in badly need of changes and improvements. O'Connell Street being a good example of that," he added.
O'Connors explained that the increased price probably doesn't come as a surprise due to inflation and that "every infrastructure project across the world" going up in price.
"One of the key pieces of advice we have received is plan slowly and then build quickly. So we're making sure that all of our design work is exactly what it should be, that our procurement documentation is exactly what it should be, but then once we do have a construction firm selected, it'll be a full speed in terms of the construction,"he concluded.
