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England crashed OUT of the World Cup - blowing a £1.3billion hole in the economy.

The dream of glory in Brazil for Roy Hodgson’s men finally ended as Italy lost to Costa Rica, meaning it is impossible for them to get out of the group stages of the tournament.

And with three weeks of the tournament still to go England’s spectacular exit is hit hard in the the high street which was banking on the team getting to at least the last 16 stage.

Experts said making it into the last 16 would have given shops, pubs and restaurants a massive injection with the final itself worth a £2.58 billion pay day.

According to figures from website VoucherCodes.co.uk, each England goal triggered a £198.5 million spending spree as fans celebrated in pubs, clubs, restaurants and on the high street with a booze, food and souvenir fiesta.

Howard Archer, chief UK economist at IHS Global Insight said: “There will be a lot of England paraphernalia available at reduced prices in bargain bins.”

With Italy losing 1-0 to Costa Rica the Three Lions will definitely be on the plane back home next week.

They have one last game against Costa Rica on Tuesday, but after defeats to Italy and Uruguay there is no way we can finish in the top two.

And as one fan quipped: “England really will be home before the postcards this time!”

Even if Roy Hodgson’s team thrash Costa Rica - in front of Prince Harry - on Tuesday it will make absolutely no difference.

And Italy’s former Manchester City striker Mario Balotelli - who demanded a kiss from the Queen if he saved England - was the man being blamed.

He missed two gilt-edged chances to give Italy the victory England so desperately needed.

Italy’s failure to capitalise against the Central American outsiders left England officially eliminated from the 2014 tournament after just two matches.

Former England striker Gary Lineker even introduced BBC coverage of the match wearing a blue Italy shirt in a bid to boost the country.

But his gesture made no difference to the outcome of the game.

Roy Hodgson and his squad watched the match on TV at their hotel in Rio de Janiero.

The result was yet more bad news for the thousands of England fans out here in Brazil after the pain of defeat against Luis Suarez inspired Uruguay the night before.

Supporters watching on the giant screen at the Fan Fest on the Copacabana Beach were left devastated by the result.

Fireman Matt Willetts, 23, a Burnley fan from Rossendale, Lancs said: “It’s pretty disappointing isn’t it .... but we’ve still had a fantastic time.

“I think we’ve played pretty well actually but it just wasn’t to be.

“But to be in Brazil for the World Cup has been great.”

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His friend Manchester United supporter Steve Hark, 50, a purchasing manager for Oldham Council, also from Rossendale, said: “Coming here the expectations for England were pretty low but it is still upsetting to go out so early.

“But if you lose your first two games obviously you don’t really deserve to go through.

“But I think we are building a decent side for the future.”

Colin Ellison, 34, from Nuneaton said: “I really didn’t expect Italy not to beat Costa Rica.

“It’s just incredible that we have been knocked out of the World Cup after just two games.

“I know we have played reasonably well but if you don’t take your chances you don’t win and now we are going home.

“I think the fans deserved a bit more to be honest.

“It had cost us thousands of pounds to get out here - some people I know are only coming for the Costa Rica match - what a waste of time and money that will be.

“And to coin a phrase the England team will be home before the postcards.”

England fans drowned their sorrows in the kiosks and bars along the Copacabana and Ipanema beaches.

In La Maison bar Terry Masterton, 28, from Brixton, south London said: “I just can’t believe we have been knocked out so early.

“What a disappointment for everyone who made such an effort to get here at such expense.”