Galway’s year as European Capital of Culture could be worth up to €100 million to the region in 2020, the mayor of Galway City Council has said.

At an event in Brussels to mark the official designation of Galway as the European Capital of Culture, Noel Larkin said: “We are aiming for about a million visitors in 2020, and estimate that it could be worth between €80 million and €100 million to the area. In addition there will be a knock-on effect in subsequent years – it’s a huge boost for the region.”

Mr Larkin said the estimated costs will be more than offset by the long-term economic dividend.

Galway was selected in July as Ireland’s nominee for European Capital of Culture, beating Limerick and a combined application by Wexford, Waterford and Kilkenny. The Croatian city of Rijeka will also hold the title that year.

Minister for Arts Heather Humphreys said Galway’s programme of events promised to make “a lasting and significant contribution” to arts and culture in the west.

Overall, the budget for the project is expected to be about €45 million, €39 million of which will come from EU, State and local funds and the remainder from private sources.