Sticking To Estimated Budget Has Become Tough For Cities Hosting Olympic Games

August 16, 2016 11:44 pm27 commentsViews: 63

Brazil won the bid to host 2016 Summer Olympics in 2009 and then the budget for it was estimated about $3 billion, but on August 5, when the opening ceremony was held, a hefty sum of $4.6 billion was already spent on venues, administration, transportation and on other related things. By August 21, when the games come to end, the tally will be further higher.

Sticking To Estimated Budget Has Become Tough For Cities Hosting Olympic Games

Not to forget the budget of 2014 Winter Games in Sochi that was up by 289 percent and the 1980 Winter Games in Lake Placid was up by 324 percent.

Similarly the 1976 Games in Montreal overtopped projections by 720 percent and the city had to spend three decades paying down the bill.

In an average the Summer Games overtops budget by 176 percent and the Winter Games by 142 percent. Clubbing both the average budget ups by 90 percent.

The Rio’s cost is still below the figure. It is lower than the historical norm.

It is undoubtedly the modern Olympic Games has become wildly expensive, and even more than expected by host cities.

In the current scenario for a nation to decide staging such Olympic Games is to take financial risk and considering taking up most costly mega project.

Brazil is already suffering from non-payment to police officers and several public service workers. The hosting of Olympic Games might invite more such troubles.

 

Updated Medal Count (16th August)

 

 G B TOTAL

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