Gardaí are continuing to question a man in connection with the massive cocaine haul from the sea off the coast of west Cork. The seizure may represent the biggest cocaine find in the history of the State.

Customs officials now believe the haul could be worth over €100m.

The drugs were found as rescuers searched for men who went missing after an inflatable dinghy capsized last night.

The search and rescue operation off the Cork coast has been called off after gardaí confirmed that they now believe there were only two men on board the inflatable boat.

It was previously believed three men had been onboard.  One of the men managed to swim ashore at Dunlough Bay and raise the alarm.  He was later arrested. The second man is still in hospital in a stable condition.

Gardaí have sealed off access to Dunlough Bay, which is in an isolated area north of Mizen, and are searching for two men they believe were waiting with a van on shore for what now appears to have been a massive consignment of cocaine into Ireland from the Caribbean.

A team of Navy divers are tomorrow expected to commence diving close to where the inflatable boat sank and attempts may be made to raise the vessel, but this will be weather dependent.

Witnesses had reported seeing up to 50 white packages floating in the water soon after the boat capsized.

The Revenue Customs Services has said it believes the packages contain cocaine and tests are being conducted to confirm this.

The Castletownbere lifeboat, the Shannon-based helicopter and Goleen coastguard unit were all involved in the immediate search operation this morning.