The Isle of Man TT motorcycle races have become the latest casualty of the foot-and-mouth outbreak.
Cancellation of the event was announced yesterday in the island's parliament, the Tynwald.
The cost in terms of lost tourism revenue for the two weeks of the racing is estimated at £16 million sterling.
The decision was taken after fears that the expected 35,00040,000 spectators would increase the risk of bringing the disease to the island, which has so far been unaffected.
The TT is the main event for motorcycle road-racing and attracts fans from all over Europe.
The two other main events are in Northern Ireland. They are the Northwest 200, which has been cancelled, and the Ulster Grand Prix, which is now in doubt.
Approximately half of the visitors to the island arrive on motorcycles as part of the annual ritual, with many taking part in what is called "Mad Sunday", where the roads are opened and none of the normal speed limits apply.
The races have provoked controversy because of their high accident rate but because of their importance to the local economy, they have always gone ahead.
Most of the 37-mile racing route winds through agricultural land and many of the fans travel out to known bends and stretches where the best vantage points have been long established. As a result, the island is extensively travelled and farmland is regularly used.
"The national herd is estimated to be worth about £47 million. Adding to that the costs of slaughter, we can say the immediate cost of a foot-and-mouth outbreak, which results in the complete loss of the herd, would exceed £50 million," said a Manx government statement.
"In addition, the farmers affected would lose income for months and maybe in excess of a year thereafter. We could very easily be looking at a cost to the island which exceeds £80 million. "And that takes no account of the environmental damage that would be caused by, effectively removing farming from the island for 12 months."
A special tribute to Joey Dunlop had been organised for this year.
Dunlop, the greatest TT rider ever, died last year while racing in Estonia.
