It's a recipe for disaster. As will become apparent when some other equally strategically placed jurisdiction starts offering even more enticing tax-breaks and the megacorps up sticks and decamp there instead. Then the whole house of cards [and with it most of the Irish economy] will come tumbling down.

What a pathetic pathetic country!

[and I say that as a terminally embarrassed Irishman]

At the moment, if I were the Irish government, I think I'd be more concerned with the likelihood of genuine international collaboration on business taxes than any single rival nation setting up a more favourable tax regime. Even the Biden administration now seems to be acknowledging that this may be the way forward with the need for governments to make up unprecedented economic damage from the pandemic, and if the US moves that way, there is political cover and financial incentive for other governments in the developed world to move that way too.