The Chambers of Commerce of Ireland has said the confirmation of foot-and-mouth in the State will have catastrophic consequences for business.
In a statement the group said it was extremely concerned about the potential impact of the outbreak on Irish business.
Chief executive Mr Simon Nugent said: "The confirmation that foot-and-mouth has hit the Republic is a devastating blow for Irish business.
"The tourism, food, retail, leisure, transport and entertainment sectors have been already reporting significant losses before the disease had reached our shores."
Mr Nugent said companies are now facing a sustained period of losses and contemplating staff layoffs.
The group is planning to meet the Government immediately to discuss the crisis. It has also recommended people should consider postponing business trips - particularly to the north-east region of Britain - unless it is absolutely necessary.
Meanwhile Sinn Féin councillor Mr Arther Morgan who lives close to the farm at the centre of the outbreak in Co Louth described today's news as "deeply disappointing".
He said it was essential "we act with renewed vigilance and that full co-operation is given to agricultural authorities by the public on both sides of the Border so this outbreak can be contained."
Northern Ireland Agriculture Minister Ms Bríd Rodgers was expected to brief the Stormont Executive on the developments later today.