The cost to the State of staging Euro 2028 would be around €50m to €80m, according to the Junior Sports Minister.
But Jack Chambers says the country would take in more money than it spends on the event.
The Government has backed a joint bid with the UK to host the tournament.
The bid is being made between the Republic of Ireland, England, Northern Ireland, Scotland and Wales.
It will see around 150,000 fans travel here, who are likely to spend up to €600m.
Up to eight games could be played here at venues such as the Aviva Stadium and Cork Park.
Minister Jack Chambers told The Hard Shoulder this would benefit several sectors.
"This offers huge potential for Ireland - for our island - and from a sporting, a tourism and an economic perspective.
"I think it's great to be able to plan for this and what it brings.
"The early projections - we've had a significant piece of work by my own department on the potential around this.
"Up to potentially 147,00 fans coming to Ireland, a poetical spend of between €300m and €600m.
"And massive sporting potential, what it does for our country and for promoting sport... and the North-South dimension is fundamental as well.
"Building that cooperation on our island, but also the relationship with Britain post-Brexit: I think it's good that we're seeing that cooperation through sport".
'Football associations setting up camps'
On the cost-benefit analysis, he says: "The economic potential is massive - the ratio of at least three or four to one.
"We could have potentially football associations setting up camps in other parts of our island.
"Whilst Aviva and Croke Park might be where the games are hosted, there's potential across our island and across our regions."
But he says the majority of costs will not be around infrastructure.
"The Aviva had a lot of work for the Euro '20 games, which we weren't able to host, but it has got a lot of that work.
"Croke Park might require minor capital works, but the majority of its infrastructure is present.
"The majority of the costs will be on security, establishing the fan zones... and also promoting and trying to attract the fans here".
And he believes the Ireland/UK bid could be the only one in contention.
"Tomorrow is the closing date for an expression of interest and... the Government is supporting that process.
"It's great to see an all-island bid as well with the Northern Ireland Football Association supporting it as well.
"We'll have a sense tomorrow about whether there's a second bid coming in, but the early indications are that we could be the sole bid".
