The new revised scheme will include a grant which is set to be capped at €420,000 per home and reports also suggest a cap of €138 per square-foot.

However,  the Mica Action Group have said they can not support the cap as it falls short of the estimated €150 required to rebuild affected homes and have urged the Governmet to increase the rate.

The enhancements also include a possible level levy which would see the construction industry potentially paying into a fund towards the cost.

If agreed, it would mean the scheme would be extended beyond a current range of private residences only and cover some rental properties.

Homeowners are hoping that the proposals will provide 100 per cent redress, a 40-year State guarantee and no excluded homes.