Cost of the Olympic Games
The Cost of the Olympic Games is a unique megaproject of the host city and country to build the infrastructure and venues to host either the summer or winter games. In modern times, budgets allotted to the hosting the Olympic games have reached into millions and billions of US dollars and often produces profits and losses of the host city.
The table below is listing the not so hard costs of the Games. Due to the multitude of reporting methods, the table contains both the operating costs and total final costs (which include various infrastructure upgrades and security costs), known and not estimated. Net loss or gain are measured against the operating budgets. Intangible costs (such as to the environment and society) and not so total benefits (through tourism) are not included here.
Contents
Table
Host City | Year | Final Operating Budget |
Total Costs | Taxpayer Contribution | Profit/Loss | Year Debt Paid Off | Notes |
---|---|---|---|---|---|---|---|
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1948 | £761,688[1] | |||||
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1956 | £5.4 million[1] | |||||
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1964 | US$72 million[1] | |||||
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1968 | US$176 million[1] | |||||
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1976 | CDN$207 million[2] | CDN$1.41 billion[2] | ![]() |
2006 | A special tobacco tax was introduced in May 1976 to fund the loss | |
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1980 | US$49 million[3] | US$169 million[3] | ![]() |
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1980 | US$231 million[4] | US$1.35 billion[4] | ![]() |
This was the year that The United States and 64 other Nations boycotted due to the invasion of Afghanistan. | ||
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1984 | US$55.4 million[5] | US$110.9 million[5] | ![]() |
The first Olympics since 1932 to make a profit | ||
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1984 | US$320 million[6] | US$413 million[6] | $75 million[7][8] | ![]() |
1984 | The first Summer Olympics since 1932 to make a profit[8] |
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1988 | CDN$438 million[10] | CDN$899 million[10] | CDN$425 million[10] | ![]() |
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1988 | USD $4 billion[citation needed] | ![]() |
1988 | A record profit for a government-run Olympiad[citation needed] | ||
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1992 | US$850 million[citation needed] | US$9.3 billion[11] | ![]() |
1992 | Operating costs were put at 9.1% of the total cost. The vast majority of spending was to improve infrastructure.[12] | |
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1992 | USD $1.2 Billion on infrastructure[13] | ![]() |
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1994 | US$1.1 billion[14][15] | US$0.25 billion[14][15] | ||||
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1996 | US$1.8 billion[citation needed] | US$609 million[7] | ![]() |
1996 | Despite the profit, Atlanta's heavy reliance on corporate sponsorship drew criticism of commercialization | |
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1998 | ~US$10 billion in new infrastructure[16] | Net loss[citation needed] | Estimated 2015[16] | The full cost of the Nagano Olympics is unknown, due to Nagano Olympic Bid Committee vice-secretary general Sumikazu Yamaguchi ordering accounting documents burned[16] | ||
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2000 | A$6.6 billion [17][18] | A$3 billion (A$363.5 million borne by the public)[citation needed] | A$1.7–2.4 billion[19] | ![]() |
2000 | |
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2002 | US$2 billion [21] | US$1.2 billion [22] | US$600 million[23] | ![]() |
2002 | Additional security costs were incurred in the wake of the September 11 attacks |
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2004 | US$15 billion[25] | US$9 billion[26] | US$6.2 billion[27] | ![]() |
The cost of the 2004 Athens Summer Games has been cited as a contributor to the Greek government-debt crisis. Many of the venues lie vacant and rotting; the Independent newspaper reports as many as 21 out of 22 are unused.[29] | |
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2006 | US$700 million[30] | ![]() |
The Italian government created a lottery game to cover its financial losses.[citation needed] | |||
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2008 | US$44 billion[32] | ![]() |
2008 | |||
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2010 | CDN$1.7 billion[34] | US$6.4 billion[35] | US$2.3 billion[36] | CDN$925 million[34] | ? | Included in the total US$6.4 billion cost are the $1 billion for security, $2.5 billion for transportation extensions and upgrades, and $900 million for the new Vancouver Convention Centre (An additional $554 million was spent by the city including a portion on the Olympic Village).[35][37][38] |
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2012 | US$10.4 billion[39] | US$14.6 billion[40] | US$4.4 billion[41] | GBP £nil[42] | 2013 | Additional costs include $90 million for converting the Olympic Stadium (London) to a football venue[43] |
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2014 | US$51 billion[44] | The most expensive Olympic Games in history, surpassing the previous record set by the 2008 Beijing Summer Olympic Games.[45] | ||||
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2016 | US$11.6 billion [46][47] | |||||
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2018 | ||||||
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2020 | ||||||
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2022 |
See also
External links
References
- ↑ 1.0 1.1 1.2 1.3 http://www.telegraph.co.uk/sport/olympics/2307426/London-2012-must-learn-from-the-1bn-Sydney-hangover.html
- ↑ 2.0 2.1 2.2 Lua error in package.lua at line 80: module 'strict' not found.
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- ↑ 9.0 9.1 9.2 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ 10.0 10.1 10.2 10.3 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Flyvbjerg, Bent; Allison Stewart (2012). "Olympic Proportions: Cost and Cost Overrun at the Olympics 1960-2012". Working Paper. Saïd Business School, University of Oxford.
- ↑ Brunet, Ferran (1995). An economic analysis of the Barcelona’92 Olympic Games: resources, financing and impacts". Working Paper. Universitat Autònoma de Barcelona
- ↑ 13.0 13.1 Lua error in package.lua at line 80: module 'strict' not found.
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- ↑ Why Sochi Is By Far The Most Expensive Olympics Ever ADAM TAYLOR, JAN. 17, 2014,
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