The new terminal has been built at a cost of over €600m, and has the capacity to cater for up to 15m passengers.
Ryanair has criticised the project, saying it is not needed.
Chief executive Michael O'Leary says the terminal was yet more evidence of the collapse in Irish tourism.
Mr O'Leary was dressed in a funeral suit and Ryanair staff carried a tricolour bedecked coffin from the airline's headquarters at Dublin airport to terminal two this morning bearing the words 'Irish TourismRIP'.
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