According to RTE News, it is expected the analysis will cover contingency planning for both a trade agreement being reached between the EU and UK, as well as a no-deal scenario.
Mr Coveney said the stakes are really high and "what we are doing as a Government is making sure that we are fully prepared for all scenarios".
In London, British Prime Minister Boris Johnson, asked whether he was hopeful of a Brexit deal, told reporters at a London hospital this morning: "I'm always hopeful... yes, I am very hopeful, but I've got to be honest with you I think the situation at the moment is very tricky."
Minister for Public Expenditure Michael McGrath, speaking on his way into Cabinet, said he is still hopeful a post-Brexit trade deal can be reached saying where "there's a will there's a way".
Mr McGrath said he thinks that it is a positive that European Union President Ursula von der Leyen and Mr Johnson are to meet later this week.
"We all know what the economic consequences are of no trade deal. For Ireland alone we are looking at potentially tariffs of up to €1.7 billion on our exports to the UK, with over 90% of that falling on the agri food sector. So the stakes are really high," Mr McGrath said.
It is understood that among the measures Cabinet will hear today is a plan to ensure that Covid-19 vaccines come to Ireland directly via EU ports, rather than through the UK land-bridge, in order to guarantee delivery.
In the past month there has been a further increase in the number of Irish businesses signing-up for required certification to trade with the UK, post-Brexit.
The latest data suggested 97% of exporters and 94% of importers now have an Economic Operators Registration and Identification number.
More including French fisheries as part of the Brexit talks, click here.
