This weekend's Tall Ships Races in Waterford could bring in up to €35 million to the local economy, according to Fáilte Ireland.

Gerry Breen of Fáilte Ireland also told The Irish Times that the event would complement the new Viking Triangle development in the city, which is hoped to be a major tourist attraction.

Des Whelan, chairman of the Waterford Tall Ships Race 2011, said the official website had registered nearly 200,000 hits, and hotels in the city are almost completely booked out.

Opening the weekend's festivties this evening are a fashion show on board the Russian sailing ship Mir, and a special concert by Roxy Music singer Bryan Ferry.

The first of three impressive fireworks displays will also light up Waterford's skies at 10.30pm tonight.