The five-day Fáilte Ireland-backed race had been in existence for the past three years, having been revived after a 17-year absence on the international calendar.
The global recession saw the 2009 edition reduced from a five-day race to a three-day event and race director Alan Rushton contemplated doing the same this year before deciding to cancel it. According to Rushton, the race costs €1.5 million to run every year.
"Despite significant commercial and public sector funding, current economic conditions have meant that the additional investment required to make the event viable has not been forthcoming in time for this season," the organisers said in a statement.
Fáilte Ireland ("Ireland's Welcome") is the National Tourism Development Authority of the Republic of Ireland.
