A statement from the Motorcycle Union of Ireland on Wednesday said: "As most of you will be aware, all tarmarc motorcycle racing was cancelled in early February 2023 due to a significant increase to the annual insurance premium.
"Following the decision and listening to the feedback of the racing community, a 'Crowd Fund Me' was set up so racing fans could do their bit to help out. Although we know it was a big ask, we are overwhelmed at the generosity of all who contributed.
"Combined with this total figure now raised, and the determination of MCUI member Mr Steven Lyons, who has worked around the clock with our insurers to find a solution, we are now pleased to be able to announce a new insurance quote has been secured, which makes it possible for all clubs to promote their events in 2023.
"The objective of the crowd funding was that enough funds would be raisedso that all clubs would have the option to promote their events. The figure currently raised combined with the new insurance quote makes this possible.
"Thanks to all of the efforts from those concerned, the MCUI-UC, promoting clubs and members are extremely grateful and humbledby everyone's generosity.
"As chairman of the MCUI UC I pass on sincere thanks on behalf of all promoting clubs to every single person who donated to the crowd funding iniative.
"With the start of the racing season now just around the corner, I would ask that the racing community continues to support our events and make 2023 one to remember."
Events, such as the North West 200, were initially cancelled earlier this year when a new insurance cost totalled an unaffordable £400,000.
The rise was down to the need for greater public liability - a mechanism that covers the cost of claims made by members of the public for incidents that occur in connection at race meetings.