It is bad news for Irish tourists as the value of the euro continues to fall. Irish people traveling to the United States, UK or Australia will have to pay more now to go on holiday.

A month a ago, a hotel in the US at $200 a night cost Irish people €163; now it will cost €174, according to the Irish Independent.

A £50 meal in London is 9% more for tourists now than this time last year.

Travel agents, however, are downplaying the falling currency’s effects on business.

"[The euro] has had a lot of activity in the last two or three weeks, it's dropped right down. However, we're up 40pc vis-a-vis last year. The bookings all this week are very strong," said Tour America managing director Mary McKenna.

"Most Irish people pick the States because of shopping. I still think you cannot beat what you get in dollars when you go shopping. Even if they changed that dollar sign to euros they're still very good value compared to what we're paying."

The Governing Council for the European Central Bank (ECB), which is expected to start printing money in an attempt to kickstart the Eurozone economy, will meet on Thursday and may announce plans for a stimulus package.

"I think there's definitely further downward pressure for the currency," Goodbody Stockbrokers' Chief Economist Dermot O'Leary told the Irish Independent.

The impact on the euro would be determined by how much money the ECB injects, said O’Leary. The euro could eventually fall to as little as $1.10, he added.

"It's very simple economics; if you increase the supply of something, that generally reduces the price of it."