Mass global job cuts at Meta, Twitter, Stripe and other technology giants are bitter news for their staff in Dublin, coming just before Christmas. But analysts said they are a “wake-up call” for the side effects of Ireland’s over-dependence on big tech.

Ireland’s decades-long gamble on global IT has paid off in investment, jobs and billions of euros in taxes paid by the multinationals who have their shiny European headquarters in the Irish capital’s Docklands and employ 12 per cent of the capital’s workers, according to stockbrokers Davy Group.

Big tech’s performance has helped supercharge Irish growth and their extraordinary corporate tax revenues — despite Ireland’s baseline rate for businesses being just 12.5 per cent — have given the government a deep fiscal cushion to tackle current cost-of-living pressures.