The closure of a ferry link between Swansea, Wales, and Cork, Ireland, is a "major opportunity lost", according to the West Cork Tourism Co-Operative Society.
Fastnet Line launched in May 2010 and has helped generate more than EUR55m (£46m) for the tourism economies of Cork, Kerry and surrounding areas.
The operator was placed into examinership late last year, but has now confirmed that efforts to raise the necessary funds to continue the service had failed.
It is thought the closure will result in losses of EUR30m (£25m) in direct tourist spending in Munster and more than EUR20m (£17m) in South Wales.
A company spokesperson said: "The funds were there, private and public, to allow us to continue but, despite the best efforts of all involved, state aid rules and red tape choked off the ferry’s chances of sailing again in March 2012."
Details: www.fastnetline.com
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