Under the auspices of the government's Urban Regeneration and Development Fund, Dublin City Council will receive the funding.
Last week, RTÉ's Prime Time featured a story on the dilapidated location, where significant portions of the walls are damaged, and the interior is covered in vegetation.
The Guinness family built the markets in 1906 and presented them to Dublin as a gift to the people. They've been shut down for 27 years.
The location was named as one of Ireland's most dangerous structures by An Taisce.
Dublin City Council issued a statement in which it stated that “in the upcoming months, an initial work programme of clearance, propping and making safe [the Iveagh Markets] will be undertaken.”
“This will give researchers and surveyors safe access to all areas of the building. In 2024, the primary stabilisation efforts will start.”
The council announced that it has chosen architects to supervise the construction.
They will consist of:
Repairs to the wet and dry markets' roofs, valleys, internal gutters, parapet, and large roof lights, the installation or repair of the rainwater drainage system, maintain the site's and its structures' vegetation growth, safeguard and locking the door and windows and finally ensure that structures have secure access to allow for routine maintenance and inspection.
Dublin City Council stated it is a party to several court-pending legal proceedings regarding the Iveagh Markets and will make no further comments.