 The Millennium Stadium is the only Welsh ground to meet Uefa requirements
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The economic downturn has forced Scotland and Wales to ditch plans for a joint bid to host Euro 2016.
With European governing body Uefa set to expand the event to 24 teams for 2016, there was concern in Wales that the costs would have been prohibitive.
The only ground in Wales that currently meets Uefa's requirements for a major event is Cardiff's Millennium Stadium.
Deputy first minister and minister for economy and transport Ieuan Wyn Jones said the money required was excessive.
"The cost of bringing other venues up to this standard would run into tens of millions of pounds," said Jones.
"In the current economic and financial climate, this is unaffordable."
Talks over launching a joint bid had been held between the Scottish Football Association and the Football Association of Wales last year.
National federations have until 9 March to apply to Uefa to host Euro 2016 and the French Football Federation has already submitted an application.
Austria and Switzerland staged Euro 2008, won by Spain, with the 2012 tournament set to be jointly hosted by Poland and Ukraine.
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