Larger Market - Irish businesses can sell their goods and services to any country within the EU, increasing their profit.
Free Trade - as there are no tariffs or taxes regarding trade in the EU, Ireland and member states can trade freely without extra cost.
Grants - the EU gave Ireland many grants to improve agriculture, infrastructure and education. These grants were given by the European Social Fund and European Regional Development Fund.
Social Benefits of EU Membership:
Movement of People - Irish people are allowed to live, work and study within any EU member state without the need of a visa. Travel within the EU is also simplified as there is no need to show a passport when travelling within the EU. The Erasmus programme allows European students to study elsewhere within the EU.
Peace and Stability - since its establishment, the EU has become a peaceful union. Countries that have had war against each other (Germany v. France) have settled differences and are at peace.
Economic Downsides of EU Membership:
Increased Competition - As EU firms can compete in Ireland alongside Irish businesses, these Irish businesses are at risk of closing down due to the fact that they are unable to compete against the low-cost economies of Eastern Europe.
Loss of Control - the Irish government has lost an amount of freedom since it joined the EU, preventing Ireland from passing laws. We are forced to adopt the EU laws instead and follow EU monetary guidelines.
Social Downsides of EU Membership:
Refugee Crisis - Europe as a whole has become a hot spot for illegal immigrants seeking asylum. This heavily strains the EU who cannot cope with the problem.
Lack of Security - the free movement of people within the European Union can lead to terrorist attacks taking place.