The Agriculture Minister says the lifting of the EU milk quotas after 31 years is like "removing a straitjacket" from farmers.

Simon Coveney says the restrictions - which limited the amount of milk farmers could sell - meant the Irish dairy industry was operating in an artificial environment.

He says over 10,000 jobs can be created in the industry in the next five years - and see Ireland become the world's fastest growing dairy producer over the next decade.

Minister Simon Coveney says the end of the quotas is a huge opportunity for the economy.

Meanwhile, dairy farmers are celebrating "a great day" after 31 years of EU milk quotas were lifted at midnight.

IFA President Eddie Downey says the removal of the quotas is a great opportunity for large dairy producers and small farmers alike.

He says it's a day worth celebrating for rural Ireland.