Paris 2024: There’s a noticeable lack of enthusiasm among many Parisians regarding the upcoming Paris Olympics. Despite President Emmanuel Macron’s vision of transforming the occasion into a “popular celebration,” the price tags for tickets to the opening ceremony, ranging from €90 to €2,700, and the hefty costs associated with attending various events, may give the French populace valid reasons for discontent.

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Nevertheless, amidst the grumbling, there’s an acknowledgement of the long-held belief that hosting the Olympics could provide a much-needed economic boost to France, especially in the face of inflation and a cost-of-living crisis. The anticipation is that tourists and investors will flock to the capital, potentially revitalizing the economy. However, the actual economic benefits of the Games remain uncertain, prompting Euronews Business to scrutinize.

Whether they will indeed prove to be a wise financial investment for Paris and the entire nation. Historical precedent suggests that hosting the Olympics often results in a financial burden rather than a windfall. Martin Müller, a geography and sustainability professor at the University of Lausanne, highlights that substantial investments in specialized infrastructure typically see limited use post-event. For instance, the maintenance costs of infrastructure.

Paris 2024: Perspectives on Olympic Financial Realities

The 2014 Sochi Winter Olympics have amounted to over $1 billion (€920 million) annually since then. However, the International Olympic Committee (IOC) argues that evaluating the costs solely based on the revenues generated during the Games is simplistic. According to the IOC, the sports venues and general infrastructure serve purposes beyond the four weeks of Olympic and Paralympic competitions. They caution against labelling the financial outcome as a “loss” solely based on this narrow perspective.

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Yet, as Müller points out, the tendency to underestimate costs and overpromise benefits often leaves host cities with substantial deficits. While there have been instances of profits in modern Olympic history, they pale in comparison to the magnitude of the losses incurred. The financial success story of Los Angeles in 1984 remains an outlier in Olympic history, with unique circumstances contributing to its record profit. Unlike most host cities.

 Los Angeles benefited from being the sole bidder, granting it more flexibility in meeting the International Olympic Committee’s (IOC) requirements. This included the option to utilize existing infrastructure instead of undertaking costly construction projects. A parallel situation arose recently when Paris and Los Angeles emerged as the only contenders bidding for future Olympic Games. To prevent a repeat of the singular bid situation in 1984, the IOC decided to award both cities simultaneously.

Paris Olympic: Navigating the Financial Challenges of Olympic Bidding and Hosting

Consequently, Paris secured the hosting rights for the 2024 Olympic Games, while Los Angeles was granted the opportunity to host in 2028. The exorbitant costs associated with hosting the Olympics deter many cities from participating in the bidding process, let alone successfully securing the hosting rights. Even the initial stages of bidding come with hefty price tags. For instance, Tokyo reportedly spent up to $150 million on its unsuccessful bid for the 2016 Games.

Followed by approximately half that amount for its victorious 2020 bid. Similarly, Toronto opted out of bidding for the 2024 Games due to the projected $60 million expense required for the bid process alone. Critics highlight the disproportionately advantageous position held by the IOC, which dictates terms to candidate cities while bearing minimal financial risks. Professor Andrew Zimbalist, renowned for his work on the economic implications of hosting major sporting events.

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Suggests that the IOC should allocate a larger portion of its international TV and sponsorship revenues to host cities, thereby sharing the financial burden more equitably. The IOC’s Olympic Broadcasting Services (OBS) further solidifies its financial dominance by maintaining a monopoly on Olympic broadcasting standards. This monopoly allows the IOC to impose its conditions on other media outlets, ensuring a significant stream of revenue.

Summer Games 2024: Financial Power and Reform Considerations

As a result, the IOC remains a formidable financial force within the Olympic ecosystem, while host cities grapple with the escalating costs and risks associated with staging the Games. In a formal statement provided to Euronews, the International Olympic Committee (IOC) disclosed its financial commitment to the Paris Olympic Games, citing contributions from revenue generated by Media Rights Holders. The IOC’s investment in Paris 2024 amounts to a substantial $1.7 billion.

With $855 million derived from broadcast agreements alone. Reports from the French newspaper Le Monde in January shed light on the considerable influence wielded by the Olympic Broadcasting Services (OBS), which even secured a temporary exemption from the statutory requirement to provide a weekly day off for the estimated 8,000 individuals engaged in broadcasting the Paris Olympics. Calls for reforming the IOC’s dominance and its reluctance to share financial risks have surfaced among experts.

 Professor Andrew Zimbalist suggests a bold solution: establishing permanent venues for the summer and winter games. However, the feasibility and reception of such a significant overhaul remain subjects of debate. The allure of hosting the Olympics extends beyond economic considerations, with many viewing it as an opportunity to project soft power and enhance the host nation’s international standing. Since a reform in 2020, the IOC has shifted its approach.

France Olympic: The Vision for Paris 2024

Emphasizing that the Games should adapt to the host rather than the other way around. This ethos aims to minimize the construction of infrastructure exclusively for the Games and prioritize existing and temporary venues. Proponents of hosting often tout the potential for job creation, particularly in sectors like construction and hospitality. The Paris 2024 organizing committee asserts that the event will catalyze economic activity and employment.

 Projecting the mobilization of over 181,000 jobs. This figure encompasses both roles specifically established for the Olympics and positions tangentially involved in the event but already existing within the workforce. The anticipated economic benefits of hosting the Paris 2024 Olympic Games may not reach everyone as expected, illustrating a phenomenon known as the “trickle-down effect.” According to Robert Baade and Victor Matheson’s 2016 study, “Going for the Gold.

Olympic 2024: Economics and Volunteerism in the Context of the Olympics Paris

The Economics of the Olympics,” wages for hotel staff, such as desk clerks and room cleaners, are unlikely to see significant increases despite the influx of visitors. This lack of direct financial impact is attributed to the ownership structures of businesses catering to Olympic visitors, including hotels, restaurants, car rental agencies, and airlines, many of which are nationally or internationally owned. Consequently, the boost in corporate profits often fails to remain within the host city, instead flowing out of the area.

The smooth operation of the Olympics heavily relies on the dedication of volunteers, with an estimated 45,000 individuals expected to lend their time and expertise during the Paris Olympic Games. While volunteering offers perks like complimentary access to certain events, volunteers are not compensated financially. This poses challenges, particularly in a city like Paris, where accommodation costs soar during major events, making it difficult for volunteers to secure affordable lodging.

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