Minister Willie O'Dea said the Government is assessing how Asgard's role, run by Coiste an Asgard, could be filled.
According to it's busy schedule the ship has 15 remaining voyages this year calling to Irish and Scottish ports.
Two other Irish Tall ships operate around the coast and are historial emigrant replica designs from the 1840s. The Dunbrody based at New Ross in Co. Wexford first sailed in 2005 and the Dublin based Jeanie Johnston built in 2002.
The Irish Marine Federation's (IMF) Steve Conlon says this role could be temporarily filled by the historical boats if a deal could be struck.
Conlon makes the point that neither boat was built for sail training purposes and would probably not be competitive on the tall ship circuit. Nevertheless they could be an ad hoc solution in the short term.
Up until now the Dunbrody has served only as a static exhibit in New Ross but has had an exemption to put to sea for special occasions.
Last night on RTE news a former Asgard first mate Paddy Boyd said it was important no time should be lost in continuing the important work of Coiste an Asgard.
The aim of Asgard's sail training scheme is to give people the confidence and ability to face new challenges while at the same time teaching them how to mix well with other people from all walks of life and generally giving them a greater appreciation and understanding of others.
Applications to sail aboard Asgard II was open to everyone over 16 years old.
So far no reason has been given as to water flooded Asgard forcing its abandonment 20 miles off the French coast.