The potato industry is facing a major crisis with some of the largest growers expected to cease production this year, driving production down to an all-time low.
Two bad years have left growers and banks nervous over the future of potato growing, leading to the current instability.
More than 100 of the 732 potato farmers are expected not to plant crops this year, according to the foremost expert in the crop, Tom Maher of Teagasc.
"I have not seen anything like this before because this time, big operators are being forced out of the business because banks are not prepared to take the risk on planting," he said.
"We lose 50-60 growers each year but they are normally the smaller growers. This year, the big operators are getting out."
Tullamore-based Mr Maher said that 31,000 acres of the crop were grown this year, a reduction of nearly 3,000 acres on the previous year.
Prices fell then because farmers had over-produced.
"There may have been a reduction in the acreage for this year but the yields were huge and as a result there are 25,000 tonnes of extra potatoes around and this has meant a huge fall in prices being paid to farmers," he said.
"Because of the two bad years, the growers are coming under fierce financial pressure and the banks are not prepared to back some of the ventures."
Mr Maher, who estimated that it cost €2,500 to grow an acre of potatoes, said he would not be surprised if the Irish acreage fell to less than 24,000 this year because of what had happened.
"It is a very serious situation," he said. "I have not seen anything like it before and it is very hard to predict what will happen."
He said all attempts to regulate and organise the market appeared to have failed and some of the farmers were facing serious losses.
"The only happy beings this spring are the cattle who are being fed good quality eating potatoes, which is a sad thing to see," he said.