Many of the world’s best athletes are currently competing in the first Olympic Games to be held in Paris since 1924. The French capital is buoyant with excitement and its local businesses filled with paying tourists from all over the world. Indeed, it’s difficult not to be tempted into booking a weekend getaway to see the spectacle up close.
But are the Olympics really a good deal for host cities? The evidence suggests a resounding no. Host cities almost always blow their budget on the Games, having to invest heavily in specific sporting facilities, as well as accommodation and transportation for the influx of athletes and tourists.
The delayed Tokyo Games in 2021, for example, ended up costing an estimated US$15.4 billion (£12 billion), exceeding the proposed budget by 244%. And it was a similar story four years before – the Rio Olympics cost 352% more than the initial proposal.
