The country has promised a “tournament like no other, full of Irish spirit, that will capture the imagination of the world and help to drive rugby's global momentum” in its 990-page document. France and South Africa are also in the running to host the competition.
Philip Browne, the head of the Irish Rugby Football Union, told RTÉ Radio’s Morning Ireland that the situation is under control.
“In April we got the formal guarantees that are required by World Rugby from World Rugby themselves,” he said.
"Those were considered in May, and in order to affect those guarantees legislation will be required and we have until the end of July to put that legislation through.”
Browne also outlined the financial guarantee required to host the tournament.
“There are two elements to the guarantee,” Browne said. “The first is the tournament fee of £120m (€138m/$155m) that has to be paid to World Rugby for the privilege of hosting the event.
“Secondly, the underwriting of the tournament costs and in affect what that means, if you didn’t sell any tickets at all, the government might have to step in and pay for the cost of the tournament. The reality is, in no previous tournament has there ever been a situation where there hasn’t been an operating profit. It will cost Ireland the £120m sterling tournament fee.”