Tall Ships Race hailed for economic boost

The Tall Ships Race provided a major boost of over €30m for the Waterford economy, it emerged today.

More than 450,000 people attended the four-day festival, almost double the predicted figure of 250,000, according to the event organisers.

The local boom was exemplified by a single ATM machine dispensing €250,000 over a 48-hour period.

“The peak time for visitors was the night of Friday, July 8, when a stunning fireworks display by Spraoi held 130,000 people spellbound on both sides of the Suir,” a spokeswoman said.

“Using a conservative average spend of under €70 per visitor, Waterford’s hosting of The Tall Ships’ Races 2005 provided a direct economic boost of over €30m.

“This figure is backed up by banking sector estimates that there was an additional €10m in banknotes circulating in the city over the four days, with a single ATM machine dispensing €250,000 in one 48-hour period.

“This cash injection would be multiplied at least three-fold by the use of credit and debit cards for larger purchases and to pay for meals and accommodation.”

The organisers said there was a huge uptake of the free Park & Ride facilities with all four sites heavily used throughout the event and especially at peak visitor times.

Public transportproviders also reported a surge in demand for rail and bus services to and from Waterford with extra capacity introduced to help convey overnight and day-trip visitors from outside the region.

The original race start at 2pm on Saturday, July 9, was deferred until midday on Sunday, July 10, owing to light winds.

The start was also relocated to a point 66 miles south-east of Waterford having originally been planned for five miles south of Hook Head.

A total of 67 vessels crossed the start line and are now heading for Cherbourg-Octeville although latest reports suggest that the vessels will continue to “motor” towards France due to prevailing light winds.