It was in Lima that the fate of Paris was sealed: yes, the French capital will indeed host the 2024 Olympic Games.
It remains to be seen whether organizing these international games will be a good deal in prospect for Paris and French companies.
The project presented to the International Olympic Committee (IOC) estimates the total expenses at 6.2 billion euros, a surprisingly reasonable budget compared to what other host cities spent in previous editions. And for good reason: according to the bidding committee, 95% of the facilities already exist or were planned.
In detail, 3.2 billion euros will be allocated to the operational aspect and 3 billion euros to infrastructure, including 1 billion for Olympic-specific constructions (renovation of the Stade de France, construction of the swimming pool, etc.), and 1.92 billion for the Olympic village.
This is a far cry from the 15 billion euros invested by London for the 2012 Olympics (which had initially presented a budget of only 4.6 billion euros the year of its bid, and whose actual spending almost tripled over time!).
The question remains whether Paris’s expenses will also triple by 2024. Since 1960, 100% of the Olympic Games have seen their budgets overrun, with an average increase of +179%…
What about the economic impact? Experts from the Center for Sports Law and Economics estimate the economic impact of the 2024 Olympics to be between 5.3 and 10.7 billion euros.
These benefits will particularly favor the tourism and construction sectors.
