Devastated Irish fans at home and in the stadium in Suwon, South Korea, wept as they watched the Republic crash out of the World Cup today 3-2 on penalties.
McCarthy said failing to make the quarter-finals was "sickening", but he praised his battling team, who are due to arrive back in Dublin on Tuesday afternoon.
Ireland's fans, who had vastly outnumbered the Spanish contingent at the ground, stood sombre faced - many in tears - as their opponents celebrated. But they continued to cheer for their team after the game was over singing You'll Never Walk Aloneas the players acknowledged their support.
Mr Sean Corbey, from Naas, County Kildare, said: "We are feeling proud. They were best team, but unlucky in the end.
"We came out just for this match and it was worth coming without a shadow of a doubt. It was priceless."
At home the country came to a virtual standstill as thousands packed into bars and specially arranged venues to watch the team more than match the Spanish opposition before eventually losing out.
In one Dublin city centre bar, Mr Martin Murphy, a teacher and long-time soccer fan said: "This was easily the best performance ever by an Irish side in the World Cup. We did not progress as far as Jack Charlton's side in 1990, but we played much better football."
In Kilburn, the traditionally Irish area of north west London, fans also remained proud of the team's brave performance.
Mr Andrew Connor, manager of Father Ted's Bar on Willesden Lane, said more than 200 people were crammed in during the match.
"Everyone just feels very proud of the team, and happy with the progress we have made," he said.
"I have no doubt that the Irish will now go on to support the English like they always do."
PA