I think that €40 is way too little for dangerous cycling which puts the cyclist and others at risk. It's no disincentive at all. A cyclist should ask the question "Is this safe or not?". Instead they will say "In the extremely unlikely event that I am caught, I will have to pay only €40"
I think that if the Garda decides that the offence is dangerous, then maybe the bike should be confiscated. That would make people, especially those on very expensive fast bikes, think twice before rushing lights.
It's good to see cycling on footpaths excluded as it allows young children to cycle off the road which is important. I often cycle along the coast road at Sandymount. Yesterday, I was holding up a bus, so I got onto the footpath. There were no pedestrians, so it was absolutely the right thing to do. I might not have done it if I was facing a fine.