Paris Olympics Public Cost Climbs to โฌ6.6โ Billion, Economic Impactโฃ Remains ‘Modest’
Paris, france – June 24, 2024 -โ The public cost ofโ the Paris 2024 โOlympic and Paralympic Games has โreached โฌ6.6 billion,โ according to a report released โtoday by the French Court of Auditors. This figure represents a notable increase from initial estimates of โฌ2.44 billion in 2023. the total includes โฌ3.02 billion alreadyโ spent, with โฌ1.44 โฃbillion allocated to security and โฌ3.63 billion for infrastructure, particularly related to ensuring โthe โSeine River is suitable forโ swimming โขevents.
The report details expenses incurred by local authorities to prepare for the Games. While acknowledging the significant financialโ commitment, Court of Auditors President Pierre Moscovici stated on โMonday thatโข the Games represent “the undeniable success of the Games,” โขand praised organizers for avoiding aโค “budget skid.” Moscovici noted the โฌ6.6 billion figure is “substantial” but concluded the Paris Games wereโฃ “not too expensive.”
Beyond โthe public funds, the Games have drawn on โฌ4.4 billion fromโฃ the Organizing Committee โ(COJO),โ primarily through private โคfunding, and โขโฌ4.5 billion from Solido, a company managing Olympicโ works with a mix โof public and private investment.
Though,theโ economic benefits of hosting the Games appear limited. Theโ Court of Auditors’ “first assessment” of public revenue linked directly to the organization stands at โฌ293 million, withโฃ no identified revenue yet linked to infrastructure investments. The report judges the overall economic impact to be “modest โat this stage” and “relatively limited in the shortโฃ term,” citing a “displacement” effect where tourists avoided Paris during the Games and the impact of price increases on infrastructure spending.
These โfindings contrast โคwithโฃ estimates from Lame 2024, which challenged the Courtโข of Auditors’ methodology in June, arguing โขthe public invoice isโ closer to โฌ2 โคbillion. Moscovici initiallyโ estimated in โคMarch 2024 that the Games โ”should cost” between โฌ3 and โฌ5 billion โฃof public money.
