In Rio de Janeiro, preparations for the country's biggest party were powering towards the highlight parades that will take place February 22 and 23 in the city's Sambodrome stadium.
This year, corporate sponsorship showed only a few casualties.
Petrobras, the state-run oil group, was cutting the amount it gave to some of the 12 Rio samba schools who work for months on their spectacular, choreographed displays. Last year, it gave five million dollars.
Unilever, the consumer products multinational, has also dropped its backing of one of the schools, Beija-Flor.
But authorities and other sponsors were stepping in to fill the gap.
Brazil's biggest beverage groups have increased their investments by up to 25 percent, according to the Gazeta Mercantil financial daily.
And President Luiz Inacio Lula da Silva has freed up three million dollars for the samba schools.
"This isn't a carnival in crisis, yet," said Alex de Souza, carnival director of the Vila Isabel school.
But, he told AFP: "What we don't know is what will happen in 2010."
Souza explained that the sharp slide in the Brazilian currency, the real, against the dollar had hiked the costs of costumes and floats, and "many companies that could help are stopping to do so."
Each school's parade costs between two and three million dollars, much of it covered by the municipality of Rio and broadcast rights paid by Brazil's biggest commercial television network, Globo.
This year one school, Grande Rio, has received 950,000 dollars from French companies, which is promoting a celebration of its culture in Brazil throughout 2009.
Souza said his school lost its major sponsor from last year, Venezuela's state oil company PDVSA, and was relying on smaller companies and fundraising shows.
Rosa Magalhaes, artistic director of the rival Imperatriz Leopoldinense school, told AFP that "we haven't felt the crisis because we had already bought 80 percent of our equipment before."
She added: "In any case, I think the crisis will hit in 2010."
The United States' position at the epicenter of the crisis, and its role in looking for a solution, had echoes in one of the most popular accessories for this year's Rio carnival: masks of US President Barack Obama.
The disguise has proven even more popular than masks of Brazilian President Lula, and were being snapped up for two dollars apiece.
"The Obama mask is a real success. We have even exported 5,000 to Spain," said Olga Valles, the owner of Condal, one of the biggest mask-makers in the city