The cost of cancelling the Bluesfest music festival a day before it was scheduled to start has been put at $181 million.
A regional economic analysis was provided by Toowoomba-based firm, Lawrence Consulting.
"The majority of that loss is captured in New South Wales with a $171m spending figure," Reuben Lawrence said.
Another $10m from outside NSW was also lost, he said.
Mr Lawrence said there had been a number of surveys conducted with patrons of the festival that helped break down the figures.
"This was key survey work — exactly where and how the visitors spend their tourism dollars," he said.
The music event, which has been held in the Byron Shire since 1990 was cancelled less than 24 hours before the first act was due to perform.
Bluesfest director Peter Noble said he thought the event should never have been called off.
"Our entire industry was traumatised, yet we picked up the pieces, put ourselves back together, paid our bills and still delivered to the economy," he said.
Mr Noble said despite the festival being cancelled the economic data showed there was still an economic output of $33m, including $7m in wages paid.
Secret bailout
Parliamentary Secretary for the Arts and Byron Bay resident Ben Franklin confirmed that a substantial payment was made by the NSW government to Bluesfest Operations.
A non-disclosure agreement was reached in June between the two parties.
"It was significant and it was one that was agreed on by both parties," Mr Franklin said.
He said Bluesfest was a critical and iconic economic driver for the North Coast.
Bluesfest Operations has also just been handed a $2.4m federal government arts grant to reactive the arts and entertainment industries following the impacts of COVID-19.
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