The government has made an application to the EU.
Fine Gael says an €80 million investment in bog rehabilitation in the Midlands would secure 200 jobs.
The government has asked the EU for the funding for enhanced peat restoration over the next four years.
The money would be taken from the Public Service Obligation fund, which is automatically added to household electricity bills.
Fine Gael TD for Offaly Marcella Corcoran Kennedy says it's welcome news for the area: