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.

Bryan Ferry one of the UK's most influential pop artists of the last four decades, has been announced as the headline act for the opening night of the Waterford Tall Ships Races, one of the biggest sailing event of the year, which takes place on 30 June, writes Jehan Ashmore.

Looking ahead to the Waterford show, Bryan Ferry said,' I am delighted to be returning to perform in Ireland following Roxy Music's performance at
Electric Picnic last year'.

Ferry will perform on the festival's main stage at Bolton Street. On the same site of the following night, The Waterboys will be supported by Waterford's O Emperor. While on the 2 July the headline act will be the Sharon Shannon Show with special guests Damien Dempsey and Dessie O'Halloran.

The four-day maritime spectacle which runs to 3 July is set to host over 70 tallships, over 1,500 trainee sailors and an anticipated 500,000 visitors that are to throng the 'Noblest Quays in Europe' with the countdown to the festival edging closer to just 100 days.

Billed as the largest Irish festival event in 2011, the return of the Tall Ships for the second time to Ireland's oldest city, presents young Irish people to experience a once in a lifetime opportunity to set sail onboard a tall-ship.

The opportunity is open to those aged 16 or over by June 30, 2011 and are fit and active to be a trainee on the inaugural race leg from Waterford to Greenock (departing 3 July). For further information click here.

The festival is not just eagerly awaited by fans of all things maritime and musical but with a programme that is also to feature street theatre, culinary and craftwork 'villages' and firework displays.

Renowned street theatre company 'Spraoi' have commissioned almost 20 national and international street performance acts. In addition the award-winning illusionist, Keith Barry will perform another specially-commissioned piece at the launch on the afternoon of 30 June.

On the nautical front, highlights include the 'Crew Parade' on 1 July and ultimately culminating with the 'Parade of Sail' by the international fleet on 3 July. Asides the city quayside on the River Suir the Waterford estuary provides excellent viewing points, some at elevated sites.

Looking for further reading on Tall Ships in Ireland? Click the links below:

Click this link to read all our Tall Ships Stories on one handy page

Previewing Ireland's Tall Ships 2011 Season

Can Ireland Get a New Tall Ship?