The cash injection was revealed during the Government of Ireland’s 2016 Budget announcement, with the funds set to be directed specifically towards the helping the country’s top athletes towards Rio 2016.

The figure was part of an increase of €3 million (£2.2 million/$3.3 million) in funding for Sport Ireland, which was awarded a total of €19.6 million (£14.3 million/$21.3 million) for 2016, with Minister of State for Tourism and Sport, Michael Ring, reiterating the Government’s commitment to maintaining funding for NGBs in the forthcoming year.

“The Government is providing increased funding of €3 million to Sport Ireland for 2016, I am pleased to say that within this, an amount of €925,000 is being invested specifically to assist sporting bodies in their preparations for the Rio Games,” Ring said.

“Through this investment, Sport Ireland will support specific plans by NGBs for the Rio Games.

“I am delighted to make this additional investment available in 2016, on top of a special €1 million (£730,000/$1.1 million) allocation that was provided last year to assist NGBs in their Rio preparations.

“Twenty sixteen is a very important year for Irish athletes and high performance NGBs and I wish them all well as their preparations intensify in the run-up to the 2016 Olympic and Paralympic Games.”

Ireland will be hoping to build on their success at the London 2012 Olympics, having secured their highest medal tally since Atlanta 1996 after securing five medals at the Games.

Under 60 kilogram women’s lightweight boxer Katie Taylor secured the country’s only gold medal of the Games, while John Joe Nevin earned men’s under 56kg bantamweight silver.

Their medal haul was completed with bronze medals for 49kg light flyweight and under 52kg flyweight boxers Paddy Barnes and Michael Conlon, as well as equestrian rider Cian O'Connor in the individual jumping event.

Ireland also earned an 19th place finish on the London 2012 Paralympics medals table, earning eight gold, three silver and five bronze medals.

Three athletes won two gold medals each.

Jason Smyth won the 100 and 200 metres in the T13.

Michael McKillop completed the double in the 800m and 1500m in the T37.

Cyclist also struck double gold, winning the road time trial and the road race in the H1 category. 

Ireland's gold medallists were completed by swimmers Bethany Firth, winner of the women's 100m backstroke in the S14, and Darragh McDonald, champion in the men's 400m freestyle S6.