In a statement last night, the organisers said that if they ran it “businesses on and off the Island [would be put] in jeopardy.”

They thanked those who supported the festival and bought tickets, and who will get a full refund.

Despite securing MTV as a high-profile sponsor there was still a “lack” of tickets sold for the event.

Discounts to the £55 ticket price had been offered to several organisations, including students at Dublin City University, but there was little interest for the one-day event.