Sarina Weigman's England side beat Germany 2-1 on Sunday to secure their first ever European title in front of sold-out Wembley on Sunday evening and conversation around the women's game has never been higher.
Ireland and Fahey are looking to reach their first major tournament in their history. Vera Pauw's side are two wins away from a play-off that will decide if they reach the World Cup in Australia and New Zealand in 2023.
Fahey now believes that England's win could give the Girls in Green added motivation to reach the finals."
"Then England topped it off by winning it, the home nation, and just the buzz that that has created around women's football." she told RTÉ Sport.
"They are an inspiration, a motivation, and you just have to admire that team and (manager) Sarina Weigman, the way they've gone about their business and delivered under the highest pressure.
"It'd be great now if we can manage to qualify for a major finals. Ultimately that's where we want to be. It was tough watching in, but it definitely stirs the motivation."
On Sunday Lisa Fallon echoed Fahey's claims and said that the win could have a 'knock0n effect on the game in Ireland and Europe"
Fahey believes that women's football will only get stronger from this point on.
"I think the legacy from this tournament is going to be huge, especially here in the UK.
"There's been so many topics of conversation around football in girls' schools, having access to football - a lot of them aren't event able to play football in school.
"I can imagine the numbers (of girls) wanting to join football teams is going to go through the roof. Fair play to the FA and England for delivering and inspiring a whole new generation. It's brilliant for the women's game.
"It's unbelievable what we're going to see in terms of the women's game, how it's going to push on from here - both at home in Ireland, in the UK and worldwide really. It's been a watershed moment."
Ireland plays Finland in September and will then play Slovakia in the qualification group 5 days later.
Vera Pauw's side are a point ahead of Finland with 2 games left.
Ireland's goal difference of +20 is far superior to Finland's 8+
"It's unbelievable what we're going to see in terms of the women's game, how it's going to push on from here - both at home in Ireland, in the UK and worldwide really. It's been a watershed moment." https://t.co/05UBg5Jeos #RTEsoccer
— RTÉ Soccer (@RTEsoccer) August 2, 2022