The Government has signed off on a redress package of €24m for the families of the victims of the Stardust fire.
During an incorporeal cabinet meeting, which was reconvened on an extraordinary basis during the summer recess, the payment sum was approved.
The families of the 48 victims will receive €500,000 in compensation for each individual's death.
The redress scheme was agreed upon following months of discussion between the Government and representatives of the families involved.
Darragh Mackin, who led the negotiations with the Government on behalf of the families, said that it is impossible to put a value on the lives lost in the fire on February 13, 1981.
"The unprecedented sum paid to the families is reflective of the unprecedented miscarriage of justice bestowed on these families," said Mr Mackin.
"These payments are the gateway to a new dawn for the families of these victims. A new dawn whereby the truth is known, and where they can now, each return to a life free from injustice and litigation."
In April, a year-long inquest into the tragedy concluded with a verdict of unlawful killing in the case of each of the 48 young people after deliberating for 40 hours. It was a moment that the families of the victims had fought for for 43 years. The families have displayed an "unrivalled devotion to justice", Mr Mackin said, adding that they can now return to their families and friends after being absent for over four decades.
"These families leave the stage as champions," Mr Mackin said in a statement on Friday.
Taoiseach Simon Harris and Minister for Justice Helen McEntee were both commended for their part in the process.
"In line with their commitment, they have taken steps to ensure these families are brought back in from the cold," Mr Mackin concluded.
Following the verdict in the inquest, the Government formally apologised to the victims and a Ceremony of Commemoration was held in the Garden of Remembrance on 23 June.
In his State apology, Mr Harris said that the survivors and families of the Stardust tragedy had been through a “living nightmare”.
"Today we say formally and without equivocation - we are sorry. We failed you when you needed us most from the very beginning. We should have stood with you, but instead we forced you to stand against us."