#VOLVO OCEAN RACE - The skies of Galway will explode with colour tonight with a spectacular 4th of July fireworks display to coincide with the Volvo Ocean Race finale.

The event only adds to the celebratory atmosphere in the City of the Tribes after Damian Foxall's Groupama team crossed the finish line with an unassailable lead in the overall points table - marking the first Volvo Ocean Race win for the Kerryman after four attempts.

The Independence Day event is being organised by the US Embassy in Dublin, and will include a parade through the city from Eyre Square to the Global Village at 7pm.

The eight-minute pyrotechnic and musical extravaganza will commence after dark at 10.45pm on Mutton Island, just south of The Claddagh, and will be visible throughout the city - though the prime viewing spits will be South Park, Grattan Road, Dr Colohan Road and anywhere in Salthill. 

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.