I stand corrected on the figures.
But the point still stands. A couple earning €50,000 - €80,000 between them, both working, with a mortgage and childcare will be hit very hard by this. It's possible you could tip thousands of such couples into mortgage arrears.
Others earning less will simply be queuing up for welfare supports to keep their head above water.
Wage demands on employers will increase.
Others will rely on more borrowing, re-mortgaging, credit cards, debt re-financing.
Others will become more prudent in their consumption, reducing consumer demand, putting small medium sized businesses under severe pressure.