The families of each victim of the Stardust families are to get half a million euro in compensation from the State.
Four months ago - inquests into the north Dublin fire gave verdicts of unlawful killing for each of the victims.
Cabinet Ministers met remotely this afternoon to discuss the compensation scheme.
In total it is worth €24 million - and equates to €500,000 for each of the 48 victims families.
A fire claimed the lives of the young people at a Valentine's night disco in February 1981.
The redress scheme comes following the unlawful killing verdicts earlier this year as well as a state apology from the Taoiseach Simon Harris.
"New Dawn"
Darragh Mackin from at Phoenix Law, on behalf of the families says: "Today’s development is the crystallisation of the intense and relentless engagement with the Government and Ms Sara Moorehead SC over the last number of months.
"The unprecedented sum paid to the families is reflective of the unprecedented miscarriage of justice bestowed on these families.
"It is impossible to put a value on the loss these families have sustained.
"However, these payments go a considerable way to providing support to these families for all their relentless efforts and life investment, which they so courageously devoted over the last four decades.
"These payments are the gateway to a new dawn for the families of these victims.
"A new dawn whereby the truth is known, and where they can now, each return to a life free from injustice and litigation. A new dawn whereby their families will be compensated with the greatest prize of all: the return of their families and friends who for four decades have been absent due to their unrivalled devotion to justice.
"Testament must be paid to an Taoiseach, the Minister for Justice and Ms Moorehead SC whose commitment and dedication to this process has been unrivalled.
"In line with An Taoiseach’s words in the apology, the state no longer works against these families but works with them. In line with their commitment, they have taken steps to ensure these families are brought back in from the cold."
