Given the epic scale of Ireland's recent economic collapse, it was impossible that football would not feel the pinch. That is likely to be demonstrated within the next 48 hours as the Celtic Cup, or Carling Nations Cup as sponsors insist on it being labelled, gets under way in Dublin. The Republic of Ireland's meeting with Wales is unlikely to attract a crowd in excess of 30,000 at the 51,700-capacity Aviva Stadium while just a third of that number could attend when Scotland face Northern Ireland on Wednesday.

Ireland's desire to host this four‑team tournament in its debut year – a second round of fixtures will take place over a week in May – had finance as a backdrop. The rebuilding of the old Lansdowne Road cost in excess of €400m, with the Football Association of Ireland's commitment to that estimated at €74m.

Events such as the Nations Cup are designed in no small part to offset at least some of the cost of stadium redevelopment. A pre-season competition featuring Manchester City and Celtic will net the FAI another €1m.

However, planned ticket prices for Ireland's match against Wales of €50 and €75 have been lowered to €35 and €50 after only 30,068 attended Norway's visit to the Aviva Stadium in November.

Put in context, that was a lower crowd than had turned out for the Irish domestic cup final days earlier at the same venue. Three months on, a mere 300 Wales supporters are expected to hop across the Irish Sea. The struggle to shift tickets for the Scotland v Northern Ireland clash is highlighted by a flat-rate ticket price of just €20.

Early thoughts of a bumper television deal, worth as much as £10m, have proved wildly optimistic; a fifth of that figure may not be collected. Competing associations will cover costs but are not banking on sharing a meaningful commercial surplus. Wales has been mooted as the host of the tournament in two years' time; that prospect is fully dependent on this first run proving successful.

Yet the competition was derived with the best of intentions. The competing nations had been keen to have England involved at the outset of their talks but a desire to play more glamorous friendly matches – partly with politicking for the 2018 World Cup in mind – was the response of the Football Association.

To complicate matters, the FA is now hopeful of reviving the Home International tournament in 2013 to commemorate their 150th anniversary. That would unquestionably prove more lucrative and commercially viable than what will take place in Dublin this week.

The unwillingness of the Scots, Welsh, Irish and Northern Irish to freely welcome such a prospect in public is out of respect for Carling, which has committed to the Nations Cup in its present format. Another sponsor, Vauxhall, is believed to be the key mover behind the potential involvement of England.

If not a cash cow, the Nations Cup has obvious football merits. Managers of all four countries are happy to play friendly matches which edge towards competitive in nature; a lack of travelling for all those involved also appeals to club coaches.

"It is a friendly but there is a twist to it," said the Ireland captain, Shay Given, of the visit of Wales. "There is an added edge, it is not just a friendly. With the tournament being in Dublin, we would like to win it."

The Scotland manager, Craig Levein, has been equally emphatic about his wish to come out on top in the event. The withdrawals which have beset each nation – Darren Fletcher, Robbie Keane, Aiden McGeady, Aaron Ramsey and Craig Bellamy will be the notable absentees – are more endemic of a hectic club schedule and the diminished role of international football than indifference towards this particular tournament.

"It's the height of the season but look at the small number of call-offs," said the Scotland assistant manager, Peter Houston. "Darren Fletcher never misses games so we know he must be injured. We've only got one or two this time, whereas in the past we've had seven or eight."

On the field, if not elsewhere, optimism is high.