Irish beef has been approved for sale in the US for the first time in more than 15 years.
Fears over BSE prompted American officials to ban beef from EU countries, and that ban was only lifted in March of last year.
Ireland is to be the first European country to be granted full access for its beef in the US market after the Minister for Agriculture, Simon Coveney, announced the multi-million euro boost for the Irish beef industry.
The ban had been in place since the BSE crisis in the late 1990s.
Beef production facilities and systems will have to pass the US Department of Agriculture's tough inspections before the ban is lifted.
The Minister for Agriculture says his Department will announce a number of initiatives to capitalise on the announcement in the coming weeks.
That includes a dedicated website aimed at American consumers, highlighting the quality of Irish beef.
Mr Coveney said today's announcement is "a huge prize given the size of the US market and the demand that exists there for premium grass-fed beef".
He said that Ireland will now have "first-mover advantage" and that the large Irish-American community will be a key target for promoting Irish beef.