The 2014 Sochi Winter Olympics hold the record for the most expensive Games in history
The Olympics are considered to be the largest sporting event in the world. The tournament happens every four years, and thousands of athletes worldwide represent their countries. In 1896, Baron Pierre de Coubertin founded the International Olympic Committee. The first modern games were held in Athens in 1986. Following the opening, both emerging countries have afforded the games, but nowadays, they are only hosted by the wealthier nations. This article will discuss the most pricy Olympic Games.
Nagano Winter Olympics witnessed a considerable budget blowout, tipped to exceed $10 billion, well above initial forecasts. Nagano Mayor Tasuku Tsukada said he had to accept a 20 per cent budget overrun. Total Olympic-related spending, including major infrastructure projects, increased from an estimated $608 million to $824 million. The Games boasted Nagano's infrastructure, including an extension of the bullet train, which cut the travel time from Tokyo to Nagano down to 80 minutes.
The 2004 Athens Olympics was the first homecoming of the event. Two decades later, though, that legacy is sullied by the state of the facilities. Many venues, including the Helliniko Olympic Complex, are in disrepair, mainly due to a debt crisis. The Games cost about $11 billion, twice the original budget, and an additional $1.2 billion for security—this severe economic straining of the Olympics, together with poor planning and bad management.
Tokyo was selected as the venue for the 2020 Olympics, which was a new source of pride for Japan. The global pandemic became one of the biggest scandals and dramas. Its original budget of $7.3 billion eventually skyrocketed to over $15.4 billion. Besides the involvement of private companies, it has increased to another $3 billion. The pandemic dampened local business gains, with attendance significantly reduced. The eventual expense was stated at $10.7 billion. However, an audit illustrated additional costs of $12.9 billion.
The 2008 Beijing Olympics brought into sharp focus the enormous financial disparity. Beijing reportedly spent well over $40 billion on the event. The primary focus was on infrastructure development, against an accrued income of a paltry $3.6 billion. Major projects included infrastructure, energy, transportation, and water supply and were completed two years ahead of schedule. However, most of the venues built for these Games were abandoned by 2018.
Human rights commitments were criticised as unfulfilled. The operational budget of the Games had revised estimates, finally resting at 2 billion yuan. The event had an estimated attendance of around 160,000, with guests, VIPs, athletes, and performers.
The 2014 Sochi Winter Olympics hold the record for the most expensive Games in history. Their total cost was nearly $60 billion. The budget was initially pegged at $12 billion but extensive investments were made in infrastructure, transport network, hotels, and other facilities.
Matchless ambitions, such as the 40,000-mile torch relay across the country, reached $16 billion, more than twice the official figure of $7 billion. The heavily underused infrastructure, such as venues, transport networks, and hotels, became a headache post-Games for Sochi.
