Paris Olympics Public Cost Climbs to €6.6 Billion, Economic Impact Remains ‘Modest’
Paris, france – June 24, 2024 - The public cost of the Paris 2024 Olympic and Paralympic Games has reached €6.6 billion, according to a report released today by the French Court of Auditors. This figure represents a notable increase from initial estimates of €2.44 billion in 2023. the total includes €3.02 billion already spent, with €1.44 billion allocated to security and €3.63 billion for infrastructure, particularly related to ensuring the Seine River is suitable for swimming events.
The report details expenses incurred by local authorities to prepare for the Games. While acknowledging the significant financial commitment, Court of Auditors President Pierre Moscovici stated on Monday that the Games represent “the undeniable success of the Games,” and praised organizers for avoiding a “budget skid.” Moscovici noted the €6.6 billion figure is “substantial” but concluded the Paris Games were “not too expensive.”
Beyond the public funds, the Games have drawn on €4.4 billion from the Organizing Committee (COJO), primarily through private funding, and €4.5 billion from Solido, a company managing Olympic works with a mix of public and private investment.
Though,the economic benefits of hosting the Games appear limited. The Court of Auditors’ “first assessment” of public revenue linked directly to the organization stands at €293 million, with no identified revenue yet linked to infrastructure investments. The report judges the overall economic impact to be “modest at this stage” and “relatively limited in the short term,” citing a “displacement” effect where tourists avoided Paris during the Games and the impact of price increases on infrastructure spending.
These findings contrast with estimates from Lame 2024, which challenged the Court of Auditors’ methodology in June, arguing the public invoice is closer to €2 billion. Moscovici initially estimated in March 2024 that the Games ”should cost” between €3 and €5 billion of public money.
