The average income for dairy farmers has jumped by 50% in the space of a year.
Figures published by Teagasc has found they're now earning around €148,000 a year.
It comes amid a global shortage in milk supply, which has led to prices rising by 30%, to 8 cent a litre.
Teagasc says there's been an extraordinary increase in milk price of 44%.
However, the economic outlook report warns of a 15% decrease in prices in 2023, as global supply is expected to improve.
Teagasc says over 18,000 dairy farmers milk Ireland’s 1.55 million dairy cows.