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The figure is on top of the €10m set aside to refurbish the condemned complex.
The amount is proposed in the councils 2014 - 2016 capital programme.
Priory Hall had to be evacuated in 2011 due to safety concerns.
Its developer Tom McFeely said recently that he had nothing to apologise for in relation to the building of the defective apartment complex.
Speaking on the BBC's Spotlight in February, Mr McFeely said he did not believe the north Dublin apartment complex was a fire hazard.
"I do not believe that Priory Hall should have been evacuated," he said. "It's not the firetrap they said it was - there were not problems there that could not have been rectified."
Asked if he should apologise to the residents who were forced from their homes, Mr McFeely said the line of questioning was "getting to the level of the gutter media" and asked: "What would I apologise for?
"I don't think this (the Priory Hall development) was shoddily built."