The money, which is the equivalent of around £8.75m, will be used to source and buy personal protective equipment (PPE) for frontline staff.
A spokeswoman for the band confirmed the move to the PA news agency.
RTE has reported the donation is part of an initiative involving Irish aircraft leasing company Avolon, which is working with public and private companies to raise funds to buy tonnes of PPE equipment from China.
The first consignment arrived at Dublin Airport earlier in the week.
The Irish Government is already spending more than €200m securing additional PPE from China, with Aer Lingus transporting the stock from Beijing to Dublin on dozens of flights.
Numerous famous faces have dug deep to help fund the fight against coronavirus.
On Thursday morning, George and Amal Clooney announced that they would be giving $1million to various organisations and charities, including the NHS.
Ex-One Direction singer Liam Payne has donated 360,000 meals to families in need via The Trussell Trust and actor James McAvoy has helped pay for protective equipment for hospital staff in the UK.
Additional reporting by Press Association