Many businesses in Portadown, Newry and Downpatrick were affected by severe flooding in late October and early November. There are reports that the damage is in the hundreds of thousands of pounds.
Stormont Executive Office said it may ask for help with the cost of renovating flooded properties from the established fund in the future.
A spokesperson said: “We want to secure the economic future of flood-hit town centers by providing support to businesses to reopen and trade, or to stay open and trade. I’m thinking about it.”
Part of the £15 million (€17 million) that Northern Secretary Chris Heaton-Harris said would be made available to businesses will go into this fund.
The amount of assistance is determined by the actual cost of repairing or replacing the damaged structure or equipment.
Businesses must meet certain requirements to be insured, and must be operating in the same town center on the day of the flood, unable to secure flood insurance, or refused to pay for flood insurance. You need to have some experience. We are open and open for business at that time.
Local councils spend money on behalf of the Northern Ireland Civil Service.
Affected businesses have already been notified that they are eligible for rate reductions and have received an emergency payment of £7,500 (€8,600).
The announcement of the Restoration Fund will mean businesses in Northern Ireland affected by recent flooding in areas such as Cork, Kerry and Waterford will receive the same level of support as businesses in Northern Ireland.
It was criticized that the creation of an equivalent program would take time and that equivalent services were not readily available in Northern Ireland.