Ireland is unknowingly suffering what they call the 'Dutch Disease' -
https://corporatefinanceinstitute.com/resources/economics/dutch-disease/#:~:text=Dutch disease is a concept,a decline in other sectors.
"Dutch disease is a concept that describes an economic phenomenon where the rapid development of one sector of the economy (particularly natural resources) precipitates a decline in other sectors. It is also often characterized by a substantial appreciation of the
domestic currency."
As mentioned above we don't have a domestic currency that can appreciate or depreciate relative to our own economic strength or weakness......what does occur, for a country without control of its currency, are changes in our domestic cost structure........internal appreciations in the good times and painful devaluations in costs via economic turmoil (unemployment/emigration) in bad times...which is why we find ourselves with some of the highest prices in Europe for various goods and services even when a significant proportion of the population from an income standpoint look no better off than the average European. It's also why potential domestic export industries find themselves at competitive disadvantages globally relative to where they would be absent the multinationals cost structure & human capital distortions.
So again not disparaging the FDI sector - it is clearly additive and an asset to the economy....in the same way that finding oil fields would be to any other economy....the issue is in the externalities it brings......and in the case of this years budget and recent ones......we are doing exactly what you shouldn't do.........pouring billions into the demand side of the economy using windfall/elevated returns from a relatively small & a potentially highly pro-cyclical sub-sector of that same economy.
It's a recipe for outrageous volatility.
Ever hear of the 6ft man that drowned in a river that was, on average, 2ft deep?
The Irish economy is that man right now.....maybe we get away with it, maybe we don't. The trick, in prudent economic management, is not to do things that you need to 'get away with'!