The £4 billion cuts in Northern Ireland will be introduced over the four years of the spending review.
By the end of the period, the budget allocation for Northern Ireland in 2014/15 will be more than £1.4 billion down on the figure spent in the last financial year in real terms.
Previous estimates suggested the shortfall in that year would be close to £2 billion - with that figure subsequently dominating early predictions of how the cuts would impact on Northern Ireland.
While this overall hit is at the level expected by the Department of Finance (DFP), the split between the two distinct streams of funding - "revenue" for regular costs such as wages and "capital" for major building projects - was not exactly what was anticipated.
Last month, DFP officials were preparing themselves for a 10.7% cut in revenue - which is currently £9.2 billion per annum - and a 31.8% slice off capital - at present £1.7 billion a year.
The spending review has worked out somewhat differently, with the DFP claiming the Chancellor's announcement amounts to an 8% reduction in revenue and 40.1% hit to the capital spend.
The figures provided by the Treasury are slightly lower - 6.9% and 37% respectively - but that is only because its officials used the funding baseline position as it stood after the Stormont Executive implemented a £122 million cut earlier this year.
Either way, the hit to the revenue budget is not quite as bad as first predicted but the raid on the capital side is worse.
The funds are distributed using the Barnett formula, which allocates money to the devolved administrations in proportion to that given to Whitehall departments.
The Chancellor's decision to protect spending in schools and health in England had the knock-on effect of lessening the predicted impact on Stormont's revenue stream.
But there was no such reprieve on the capital front.
The harder blow to that stream also comes only a week after the Secretary of State promised to honour a 12-year £18 billion infrastructure investment programme made by the previous Labour government during the peace process.
However, with the programme running to 2017, Northern Ireland Secretary Owen Paterson has given no undertaking when the money would be made available.
First Minister Peter Robinson and deputy First Minister Martin McGuinness, who are returning from a US investment conference, said the cuts were worse than they feared and breached existing agreements.
But their criticisms brought a swift response from Secretary of State Owen Paterson who said the Government had fulfilled all its commitments and had reached a fair settlement with the Stormont administration, which local politicians must now allocate as they see fit.
Mr McGuinness claimed the coalition appeared to have reneged on an £18 billion investment pledge made by the British government in the 2006 St Andrews political deal that established the power-sharing administration at Stormont.
"I am very angry," he said. "I am going to hold my counsel on this until we have a full picture, but the initial reaction is one of great anger to the fact that it appears, at this stage, that Owen Paterson, who went on the record as saying they would honour the £18 billion commitment, appears to be far from honouring that position as we stand here today."
Mr Robinson said a 40.1% cut to the budget for infrastructural projects would stagnate the regional economy.
"I think there are two breaches of undertakings that we were given. Clearly there had been smoke and mirrors in relation to the £18 billion... on top of that, the Prime Minister had endorsed the Policing and Justice package, and we have very real concerns that there is a breach of an undertaking that was given in that area as well."
He told the BBC he feared the Government may fail to fulfil agreements made earlier this year in relation to the devolution of policing and justice powers to the Stormont Assembly.
But Mr Paterson said he had spoken to Mr McGuinness and Mr Robinson by telephone and he claimed they had failed to raise any concerns.
Shadow Northern Ireland secretary Shaun Woodward said: "Clearly, Northern Ireland's political leaders are worried that the Government has broken promises.
"The Secretary of State should answer urgently the very real worries which people have about the impact of the spending review in Northern Ireland, both on the political process and the stability of Northern Ireland."
He added: "The Secretary of State should urgently reassure people that his Government's review will not lead to a loss of police numbers on the streets.
"What will be the impact on community policing? What will be the impact on the budget to meet security in Northern Ireland? Has the security budget been fully ringfenced?
"The Coalition Government should never take risks with the stability of Northern Ireland and must honour all of the funding commitments made most recently in the Hillsborough Castle Agreement."
Spending review at a glance
£81bn slash in expenditure
Total public expenditure will be £702bn next year, then £713bn, £724bn and £740bn in 2014/15
The Queen’s royal household will have to make savings of almost 15% in its |travel budget, maintenance costs for palaces and other areas, but no jobs will be lost
The state pension age will reach 66 by the year 2020, saving over £5bn a year by the end of the next Parliament
The Chancellor confirmed 490,000 public sector jobs were expected to be lost over the next four years as most Whitehall departments are forced to cut budgets by about a fifth in real terms
A series of benefit cuts totalling more than £7bn on top of the £11bn already announced in the emergency Budget in June