The Government intends to apply for a European grant to assist the 575 workers axed from TalkTalk.
Junior minister Ciaran Cannon said he will submit a new European Globalisation Adjustment Fund (EGF) application to re-train former staff of the Waterford facility.
Management had given shocked workers just 30 days notice that its Irish operation would close last Friday.
Mr Cannon said consultations regarding the feasibility of applying for EGF support had been ongoing with Jobs Minister Richard Bruton, state and support agencies and the company.
"I am now satisfied that an application to the EU can be made for EGF support for these workers and this department will now proceed to prepare such an application," he said.
Ireland has previously made three successful applications for the EGF scheme after large scale redundancies at DELL, Waterford Crystal and SR Technics.
Up to 9,000 former construction workers will also be assisted, subject to approval from the European Council and the European Parliament. Mr Cannon, Minister of State at the Department of Education and Skills, warned the EGF approval process is lengthy.
He said TalkTalk workers are already interacting with FAS and Skillnets, and he hoped the funding would intensify and broaden the range of possible supports available.
"In the meantime, my department will work with all relevant stakeholders to develop a range of appropriate interventions and to implement these measures as quickly as possible," he said.