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Agence France-Presse

France is facing a bill of almost €9 billion for hosting the Paris Olympics but top officials said the financial fallout could be more “psychological” than economic.
Ahead of the July 26 opening of the Games, ministers and financial observers are juggling the figures to estimate the costs and benefits of the sporting spectacle.
So far, French authorities are predicting a cost of almost €9bn (HK$75bn) for the Paris Games, although the official figure will take time to confirm.
Costs are always difficult to predict or confirm.
The Tokyo Olympics, delayed for a year until 2021 because of Covid-19, cost about US$12.9bn (HK$101bn), Japan’s Audit Board reportedly said.

Greece’s finance ministry estimates that the 2004 Athens Games cost US$9.1bn – although some independent estimates are closer to US$15bn. London 2012 cost up to US$15bn.
The Paris organising committee, boosted by ticket sales, sponsors and International Olympic Committee (IOC) funds, has a budget of about €4.4bn and a similar figure has gone to the Solideo public company that has built the Olympic Village north of the French capital.
But the final bill will depend on spending on Olympic bonuses for metro drivers, police and emergency services, as well as the general cost of security.
The government this week allotted another €33 million euros to Paralympics organisers, who are struggling with ticket sales.
The government and local authorities have so far committed about €2.4bn to the Paris Olympics, mainly for construction. But the head of the government’s Court of Accounts has estimated that the final state cost could be up to €5bn.
Bruno Cavalier, chief economist for Oddo BHF financial services group, said the “direct state involvement is relatively limited”. He added that the Olympics will not “radically change” France’s public debt of about US$3.2 trillion.
According to the Centre for Law and Economy of Sport (CDES), which has been monitoring the Paris Games for the IOC and the Paris 2024 organisers, the event will produce between €6.7bn and €11.1bn in economic benefits for the Paris region.
But it added that these benefits would be spread over 20 years.
In February, the Asteres consultancy estimated that the Games would bring in €5.3bn in extra tax and social revenues.
Deutsche Bank said in a study this month that “host nations of the Olympics or Fifa World Cups rarely earn positive economic or even social returns on what are often massive and publicly-funded investment sprees on new stadiums and public infrastructure”
It said that even the short-term boost to investment and employment was “limited” unless the host country is going through a recession.
For Bank of France governor Francois Villeroy de Galhau, the Paris Olympics will have more of a “psychological” impact than economic.

But he said if France could improve its image around the world through the Games, then it could eventually expect new investment.
In the short-term, some companies are already seeking to cash in.
Le Slip Francais, an underwear maker, is making thousands of extra underpants, swimming costumes, pyjamas and other goods in the Olympic colours, according to its managing director Lea Marie.
“It has created work in our factories” and for the company’s 80 subcontractors, she said.
Companies linked to the Olympic building spree have also benefited.
According to the CDES, construction and refurbishing companies expect to increase revenues by up to €3bn from the Olympics.
Tourism expects to earn up to €3.6bn from the 15m visitors predicted for the Games, including two million from abroad.
Oddo BHF predicted that media, leisure, drinks and alcohol, consumer goods and transport companies would all benefit from the Games.


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Paris 2024 Olympic Games

Paris Olympics: France makes €9bn gamble but cost to be less than Tokyo, London, even Athens

The Champs de Mars Arena and the Eiffel Stadium in preparation for the Paris Olympics. France has poured US$1.5 billion into cleaning up the Seine in time for the Games. Photo: Bloomberg

Tourism expects to earn up to €3.6 billion from the 15 million visitors predicted for the Games. Photo: AFP

Bank of France Governor Francois Villeroy de Galhau says the Olympics will have more of a “psychological” impact than economic. Photo: AFP

Paris Olympics 2024: French gastronomy, but no French fries, to be served to athletes

French President of the Paris 2024 Olympics and Paralympics Organising Committee Tony Estanguet tries a meal from the Olympic Village restaurant. Photo: AFP

Dishes at the Paris 2024 Olympic Village restaurant. Athletes will be offered the chance to discover French gastronomy – but those in search of French fries are going to be out of luck. Photo: AFP

Chief Paris Olympics 2024 organiser Tony Estanguet at the Olympic Village restaurant this week. Photo: AFP

Half of the 50 dishes available each day will be 100 per cent vegetarian. Photo: AFP

The food hall includes six different dining areas offering meals from around the globe. Photo: AFP

Estanguet (right) at the Paris Olympic Village restaurant. Photo: AFP

At sports venues, 60 per cent of food offered to fans will be vegetarian. Photo: AFP

Paris Olympics: tickets, hotels & travel – everything you need to know to keep costs down

The world-famous Eiffel Tower welcomes visitors to Paris for the 2024 Summer Olympic Games. Photo: Reuters

Boat cruises on the Seine are one of the many tourist attractions for visitors to Paris. Photo: AFP

Transport Public Paris 2024 app should help travellers move around the French capital with ease. Photo: AFP

The Parc des Princes stadium will host the Paris 2024 men and women’s Olympic football events. Photo: AP

Prices for hotels in Paris have seen a huge increase as the Olympic Games draw nearer. Photo: AFP

Athletes warn of deadly heat at Paris Olympics, study says future Games ‘impossible’

The Olympic rings are seen on the Eiffel Tower in Paris. The Champ-de-Mars on the left will host the beach volleyball. Photo: AP

US team member Sam Mattis will compete in the discus in Paris. Photo: Getty Images

A torch-bearer runs with the Olympic flame during the torch relay in Sainte-Marie, in the French Caribbean island of Martinique. Photo: AFP

Paris’ Seine River has unsafe levels of E coli less than 2 months before Olympics

Water in the Seine River in Paris has unsafe elevated levels of E. coli less than two months before swimming competitions are scheduled to take place in it during the Olympics. Photo: AP

Athletes swim in the Seine River in Paris during a test event for the Olympics in August 2023. Photo: AP

Olympic rings decorate Eiffel Tower as Paris marks 50 days to go until Games

The Olympic rings, unveiled early in the morning on Friday, are displayed on the south side of the 135-year-old Eiffel Tower, overlooking the Seine River. Photo: Xinhua

Newlyweds preparing to pose in front of the Eiffel Tower, after the installation of the Olympic rings. Photo: AFP

Stands being constructed on the Champ-de-Mars, where the volleyball players will compete. Photo: AP

Sport

Other Sport

Paris Olympics 2024

While it will take time for the final bill to be known, the event is set to produce €6.7 to €11.1 billion in economic benefits


While it will take time for the final bill to be tallied up, the event is expected to produce 6.7 billion to 11.1 billion euros in economic benefits for the Paris region.


France

Paris

Fifa World Cup