A number of Ireland's leading stallions are among 80 horses being held at two quarantine centres in Sydney and Melbourne following an outbreak of equine flu in Australia.
They include Rock Of Gibraltar, Choisir, Danehill Dancer and Holy Roman Emperor of John Magnier's Coolmore Stud. It is understood that five horses owned by Kildare-based Kildangan stud are also being held.
Racing has been abandoned for 72 hours in Australia after 11 horses tested positive for a strain of equine influenza (EI) at Centennial Park Stables in Sydney, New South Wales.
All movement of horses has been banned in an attempt to reduce the risk of the virus spreading any further.
EI is a highly contagious viral disease that spreads rapidly and can also be passed by humans although they will show no effects of the disease.
It is thought that the cancellation of the action this weekend will cost the industry over $1 million in lost revenue and if the ban stretches in to weeks, rather than days, the financial implications do not bear thinking about, according to Racing NSW chief executive Peter V'Landys.
"If the ban continues for a month 1 billion in betting will be lost in NSW alone," said Mr V'Landys.
"The longer it goes the more devastating it is. The industry will also lose out on 1.2 million in prize money. And I stress that is only for the first 72 hours."
The breeding industry will also feel the full force as its season was just about to get in to full swing following the arrival of the leading Coolmore sires.
The imported stallions were set to serve around 30,000 mares and their unavailability means the industry is facing its biggest ever threat.
Coolmore has cancelled its stallion parade day set for tomorrow in response to the threat of equine influenza.
"In consultation with State authorities we believe this is a prudent course of action and is in the best interests of all concerned. We apologise for the inconvenience and look forward to a speedy resolution of this situation," the stud said on its website.
Additional reporting: PA