World Cup knockout to cost economy millions
Thursday, 19 November 2009 12:33The Republic of Ireland's controversial failure to make next summer's World Cup will cost the country's economy millions of pounds, according to a financial expert.
Thierry Henry twice handled the ball in setting up France's extra-time winner in the play-off clash in Paris.
It meant Giovanni Trapattoni's men were eliminated 2-1 on aggregate and ensured the French would be heading to South Africa next summer.
'Clearly the cost to the Irish economy, of not participating in the tournament, will run into millions of euro,' Henk Potts, financial analyst for Barclays Stockbrokers, said.
'Retailers will lose out in terms of numbers of sales, the leisure industry will lose out in terms of the numbers of people going to pubs and bars, the supermarkets would have expected an increase in certain products sold in preparation for matches, and the bookmakers would expect a lot more activity if Ireland were taking part.'
Ireland has suffered along with fellow European nations due to the global recession.
And Potts continued: 'What we saw happen yesterday was not only a blow to the Ireland team in terms of the World Cup but also to the Irish economy at a time when it has already taken a major blow.
'People will still watch it to a certain extent but there won't be as many people in bars and restaurants.'
