AN ambitious plan for Ireland to cash in on the 2012 London Olympics cost the taxpayer over €100,000 and has effectively been abandoned.

Costs associated with the production of the reports by the London 2012 Olympics and Paralympics Task Force amounted to €115,320.

The figure includes the consultancy fees charged by Indecon International Economic Consultants, which was en­gaged by the Department of Arts, Sports and Tourism in 2007. Its role was to assist in an "economic evaluation of the benefits to Ireland of the proximity of the London Olympics".

However, a previous investigation carried out by the Sunday Tribune revealed the majority of the proposals outlined in the report will not go ahead due to the country's dire financial situation .

As a consequence, Ireland's chances of capitalising on the event have been compromised despite the spending of substantial capital on exploring the opportunities.

The government has come under fire from the opposition for "missing the boat" on exploiting a sporting event whose scale will allow considerable spin-offs for countries neighbouring the UK.

Three out of five identified sporting facilities in Ireland will not receive the investment required to bring them up to standard.

While any future easing of the financial crisis may free some investment capital, the delay in committing such funding has already done the damage.

A report into the preparation last year noted: "Time scales in planning for events means that any significant new investment which is not already in the pipeline is unlikely to impact on overseas decision-making.

"Facilities or plans for facilities together with their funding and completed con­­- ­struction date need to be in place by the end of the Beijing 2008 Olympics and no later than 2009."

Labour's spokeswoman on sports Mary Upton was scathing on the missed opportunity, saying the chance to boost Irish tourism and related revenue may not come again.

"We have missed the boat in terms of the opportunity that was there for Irish sports and tourism," she said.

"Our next-door neighbour is holding this event and we are doing nothing about it.

"I wouldn't be demanding that every one of these opportunities be put in place but… I think it's a great shame and an opportunity missed."