The Broadcasting Authority of Ireland has recommended that, at a minimum, RTÉ should receive an increase in its annual public funding of €30m.
The BAI said that, given the urgency of RTÉ's funding position, the increase should be available immediately.
It also recommends an increase of €6m per year in public funding for TG4.
The BAI has recently completed its five-year funding review of RTÉ and TG4.
It concludes that both broadcasters continue to deliver value for Irish audiences.
It added: "There is a strong justification to support increased levels of funding for each of the broadcasters which should assist them in meeting environmental, technological and financial challenges while also fulfilling audience expectations, both now and into the future."
The report and recommendations have been submitted to the Minister for Communications Climate Action and Environment Denis Naughten.
BAI Chairperson, Professor Pauric Travers, said: "The BAI acknowledges the valuable role played by the independent commercial and community sectors in providing choice and diversity for audiences, and will continue to engage with these key stakeholders to work towards the achievement of these objectives.
"With regard to RTÉ and TG4, the BAI notes the significant changes that both PSBs have implemented to reduce costs and increase efficiencies in recent years.
"The BAI recognises also that both broadcasters have taken steps to meet current and future challenges.
"In this context, current levels of public funding are not sufficient to sustain the reach and impact of current provision, let alone allow the broadcasters to evolve in such a way as to adequately fulfil their statutory remit in serving Irish audiences."
RTÉ has said it welcomes the BAI recommendation.
In a statement, the broadcaster said that with indigenous journalism and storytelling under threat, the need for strong Irish public service media has never been greater, and adequate public funding is essential to underpin its existence.
