
Although it is a tremendous honor to host the Olympic games, it comes at a very high expense. Throughout history, many have come dangerously close to ruining their countries. For example, the 1924 Summer Olympics in Paris suffered a 5 million franc deficit. The building costs associated with the 1976 Montreal Olympics left Canada with a $922 million deficit. The mayor of Montreal assuaged concerns in a speech before the opening by stating, “The Olympics can no more have a financial deficit than a man can have a baby.” Still, Canada’s thirty years of debt from the Games was enough to discourage other towns from bidding as high.
Costly Olympic games
To put it succinctly, the sports sector is incredibly costly; overspending during the Olympics has averaged 177% since 1960. Additionally, the COVID-19 issues during the 2020 Tokyo Olympics drove up those costs even further, with losses estimated to have reached the billions as the Games progressed. Therefore, it’s not a pretty picture considering that, before the epidemic, stadium upgrades, marketing, and hotels had already cost more than $20 billion.
Tokyo’s incredible sum places them among the most expensive Olympic teams ever, but it doesn’t result in a gold medal. A study from Oxford University claims that the most expensive Winter Games have been hosted by a certain host. Moreover, it is estimated that this host spent over $21.9 billion on their grand party. Among the more recent, the game that cost the country $15 billion comes in third place.
The ten most costly Olympic Games, regardless of whether they are held in the summer or the winter, are listed below. However, note that these figures only account for “sports-related costs,” such as venue, catering, and building fees. The “Organising Committee for the Olympic Games” has not factored into its projections the expenses related to upgrading hotel and airport infrastructure.
10. Torino Olympic games 2006
$4.3 billion

9. Sydney Olympic games 2000
$5 billion

8. Montreal Olympic Games 1976
$6.1 billion

During the opening ceremonies of the Montreal Summer Olympics in 1976, the Olympic torch was kindled. The Olympic flame is lit during opening ceremonies at the 1976 Summer Olympics in Montreal.
7. Moscow 1980
$6.3 billion

6. Beijing 2008
$6.8 billion

5. Barcelona 1992
$9.4 billion

4. Rio 2016
$13.7 billion

3. London 2012
$15 billion

3. Tokyo 2021
$20 billion

1. Sochi 2014
$21.9 billion

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