Ireland could share in a potential €2.5 billion windfall if the 2015 or 2019 Rugby World Cup touches down in the country. A joint bid between Irish, English, Welsh and Scottish rugby unions is expected to be put forward for the 2015 competition, with Ireland also included in the bidding for 2019.

Italy, South Africa, Australia and Japan have also expressed an interest in hosting both tournaments, while Russia is keen on 2019.

The Sports Business Group at advisory firm Deloitte was commissioned by the International Rugby Board to produce a study into the potential economic impact of hosting a World Cup.

Deloitte have estimated the tournament can generate up to €2.7 billion in economic benefits for the host country, with a relatively low amount of investment required.

Attendances at the 2007 World Cup tournament in France topped two million, which provided a direct boost to the travel, hospitality and leisure markets.

The report found direct expenditure into the economy could be as high as €1 billion spread across the whole country, while the event could generate between €330 million and €1.3 billion in gross value added terms.

The study also concluded the host nation government could expect to accrue €130 million in sales tax alone.

IRB chairman Bernard Lapasset said: "Rugby is a sport that has an ethos almost unique in the modern sporting environment that includes traditions such as large numbers of travelling supporters, sportsmanship, and social and business networking. Add this to elite performance on the field and it makes Rugby World Cup very attractive to any potential host nation.

"The report confirms that the tournament is now the third biggest in the world in terms of spectator attendance and the influx of international visitors.

"We believe the potential economic benefits of up to €2.7 billion for Rugby World Cup, combined with low construction expenditure due to a policy of utilising existing stadiums, is extremely cost effective. It is a low-risk, high-return tournament."