The Government cannot cover all of the extra costs being faced by people and business this year.

That's according to Finance Minister Paschal Donohoe, who says they are doing all they can.

People are being warned household energy bills could rise by around €700 per family, after a price hike was announced by Bord Gáis.

They are ending their 'Winter Price Pledge' from April 15th - raising gas tariffs by 39% and electricity prices by 27%.

It is thought other energy suppliers could follow suit.

Minister Donohoe told Newstalk Breakfast there is not a lot more they can do.

"I absolutely appreciate that higher costs that many are facing at the moment are going to be really difficult.

"Appreciate that, on top of everything else that we have to deal with - the rising prices, the bills that are going up - just adds to the challenge that lots face at the moment.

"And also adds to the challenge that businesses are facing".

He says many elements are out of the Government's control.

"As these bills go up, the changes we made with regard to taxation, the energy rebate that will be coming through of €200 - I accept they don't cover most of the cost that families and business will be facing.

"But equally, I think it's important to emphasis that neither this or any government can insulate our economy, our businesses, even our bills from all of the changes that are happening.

"Many of which are due to the war that's taking place in Ukraine - a large number of the other reasons that are changing this... are for things that are beyond our influence and our control".

'It doesn't cover all the cost'

He says anything the Government can do, they are doing.

"That which we can influence, in terms of bringing the cost down through the changes that we are making, we are doing.

"I accept it doesn't cover all of the cost but... with all of the different things our country is having to deal with at the moment, it's important we also have the money to make progress on those".

On action in Ukraine, Minister Donohoe says the EU could increase its current activities - but is unlikely to go further.

"The European Union has made a decision to fund the supply of military equipment, and many counties have made the decision to make weapons available.

"The only further measures that are currently being contemplated at the moment is how those things could be strengthened".