It follows the release of the National Policy for Sport covering the period from 2018 until 2027.

Sport funding will be doubled from €111 million (£99 million/$129 million) to €220 million (£195 million/$256 million) annually, while the pot for high performance athletes will also nearly treble from €11 million (£10 million/$13 million) to €30 million per year.

The report has also targeted 20 medals at the 2028 Summer Olympics in Los Angeles, as well as breaking into the top 50 in the American city.

Ireland won just two silver medals at the Rio 2016 Olympic Games.

Other goals in the report are an extra 260,000 people taking regular exercise.

"This is a very welcome development, one that we hope will send out a clear message about the importance of sport in Ireland and the men and women who represent our country on a global stage," said OCI President Sarah Keane. 

"We very much welcome that this Government recognises the value of Irish Olympic sport and the role it plays here and abroad as our talented athletes compete at the highest international levels. 

"We are proud to play our part and to make a difference as part of the Government's initiative Global Ireland 2025, announced earlier this year."

Peter Sherrard, the chief executive of the OCI, added: "The increase in funding for high performance sport proposed in this document is much needed to support our Olympic athletes and will make a real difference to the men and women who represent our country.

"We have seen what competitor nations like New Zealand, Denmark or The Netherlands have achieved with superior levels of high-performance funding. 

"Although this proposed level of increased funding is still behind those countries, it is a very positive and welcome step in the right direction to support our athletes in reaching their full potential."