Some €300 million is to be generated from festivals held around the country this year, it emerged today.
More than eight million people will attend 400 festivals across the north and south of the island this year, with over a third of all spectators travelling from overseas.
Maria Moynihan. Photo: Graham Hughes
And with more investment than ever before, organisers expect more revenue in return.
Costing in the region of €120m to produce and run, the Irish and British governments are to invest €13 million while the local authorities spend around €7 million.
Last year, a €17 million investment generated a massive €260 million of both international and domestic revenues for the island.
"Economically Irish festivals return about 70 cents in every euro directly to the local community," said Maria Moynihan, AOIFE Chair and former St Patrick's Festival CEO.
However, it emerged the costs of running festivals and events would rise by 60 per cent if it were not for the huge volunteer man hours that are put in by those who manage, programme, co-ordinate and fundraise for their individual festivals.
"Running the island's annual programme of festivals and events involves a huge commitment from over 45,000 volunteers, a figure more than double the amount required to stage the Community Games throughout the country," continued Ms Moynihan.
Events to be staged this year include the World Rally Championship in the north-west in November, which is expected to attract over 200,000 people and will be broadcast to over 800 million homes around the world, and year-long events marking the 400th anniversary of the Flight of the Earls.
Also planned are arts and drama festivals, children's festivals, and Europe's largest street party at Banks of the Foyle Halloween Carnival.
Launching the annual AOIFE yearbook 2007, John O'Donoghue, Minister for Arts, Sport and Tourism, acknowledged the pivotal role that festivals play in the arts, culture, tourism, economic and community development of the country.
Praising the continuing work of AOIFE, he described the publication as an essential reference point for festival and events organisers.
AOIFE is the all-island advocacy, support, resource and development network of festivals and events, encompassing arts, culture, heritage, civic, tourism and communities, with its yearbook containing all the dates, details and information on the 400 festivals that will take place throughout the year.
PA