The effects of Brexit will be felt from next spring onwards as airlines offer less routes to the UK and for higher prices.
He also said Ireland is experiencing a “freewill in tourism from the UK” as a result of sterling devaluation after the UK currency fell sharply in value against the euro after the Brexit vote with UK traffic to Dublin airport “falling like a stone”.
The Seanad was told that the DAA is “very, very exposed” in the event of a hard Brexit as 39% of its traffic is to and from the UK.
Currently 42pc of tourist numbers into Ireland come in from the UK, with visitors from Great Britain generating €1.1bn in revenue for the Irish economy in 2016.
In order to mitigate the affect of Brexit, Toland said the Irish airline industry needs to deepen its connectivity, in particular through greater numbers of long-haul flights and the building of a new runway at the airport.
The CEO also advised that introducing duty-free shopping between Ireland and the UK should commence immediately after the UK leaves the EU, and that Ireland should position itself as the ‘business destination of choice’.