A low-tide search is being carried out for the 72-year-old pensioner this morning near Ladies Bay.
The search is being coordinated by gardaí in Buncrana along with the Malin Head Coast Guard and with assistance from the RNLI.
Crews and volunteers searched until after dark last night, and are hoping that Ms McGahey can be found today.
Garda Superintendent Eugene McGovern told our sister site Donegal Daily: “Conditions are good for the search. However, there is the prospect of conditions deteriorating in the coming days.”
“Hopefully today will deliver a result,” Supt McGovern said.
A public appeal continues for information on the movements and possible whereabouts of Ms McGahey.
She was last seen at 4.30pm on Sunday afternoon in the Drummard Park area of Derry city.
PSNI believe she then travelled across the border into Inishowen.
The search was concentrated in the waters around Buncrana on Monday after Ms McGahey’s red Ford Fiesta was found on the nearby beach.
Supt McGovern added: “There is always a possibility that she did not go into the water and was taking shelter somewhere in Buncrana last night.
“Unfortunately, at this stage all indications point towards her entering the water.”
The authorities are working in close contact with Ms McGahey’s family as the search continues.
Ms McGahey is described as being about 5’2 in height, slim build with short grey hair.
She is believed to have been wearing a kaftan multi-coloured nightdress, a long dark blue raincoat and gold flat footwear.
Anyone with information is asked to contact Buncrana Gardaí on 0749320540 or the PSNI at Strand Road on 101 quoting reference number 1404 18/11/18.
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