The main plank of their economic recovery proposals is a massive youth jobs fund at a cost of half a billion euro that it believes would create 20,000 jobs for the under-25s.

The party said the money could be raised by dipping into the national pension reserve fund and with new taxes - including a 48% third rate for high earners and a 1% wealth tax on assets worth more than one million euro - outlined at its ard fheis earlier this month.

Senator Pearse Doherty urged the Government to "pick up the ball and run" with its plans.

"We cannot sit on our hands and see the best minds of this generation of young people wasted or exported," he said.

"If we are to rebuild a sustainable and vibrant economy these are the people who will do it."

Other proposals include an individual plan for the long term prospects of every person under 25 who is signing on, a 20 million euro One More Language scheme to allow 2,000 young unemployed to learn an extra foreign language, and a publicly-owned "green" technology firm and a 100 million euro drive to bring in foreign investment in renewable energy.

Senator Doherty said there was currently 86,000 people under 25 signing on for benefits and if it was not tackled young talent and skills will emigrate.

"The fact is that there are many measures that the government could be implementing to tackle youth unemployment," he said.