Post by David Gogishvili
Urban geographer studying the role of mega-events and cultural flagship institutions in shaping urban futures, with expertise in Central Asia, the Gulf and South Caucasus.
The Olympics rarely pay off — and the data prove it 🏟️ With Munich heading towards a public referendum on a new Olympic bid, Süddeutsche Zeitung has used one of our datasets (developed with Martin Müller and Sven Daniel Wolfe) to examine the true costs of the Olympic and Paralympic Games. Full SZ article (in German) here: https://archive.ph/7nHnl Conclusion by Johannes Knuth matches our findings: most Games end in a structural financial deficit once venue and infrastructure costs are included — even when organisers report balanced operational budgets. In Munich’s case, the city plans to model its budget on Paris 2024, yet the French Games ultimately cost far more than anticipated, with public contributions tripling and total expenses exceeding early estimates. Why this matters for Munich 💰 Budgets must include all public and infrastructure costs. 📈 Cost overruns are the norm, often exceeding 100%. 🏗️ Reusing existing venues is the clearest way to cut risk. 𝐀𝐜𝐫𝐨𝐬𝐬 𝐎𝐥𝐲𝐦𝐩𝐢𝐜𝐬 𝐚𝐧𝐝 𝐖𝐨𝐫𝐥𝐝 𝐂𝐮𝐩𝐬 𝐬𝐢𝐧𝐜𝐞 𝐭𝐡𝐞 1960𝐬, 𝐨𝐯𝐞𝐫 80% 𝐨𝐟 𝐞𝐯𝐞𝐧𝐭𝐬 𝐡𝐚𝐯𝐞 𝐞𝐧𝐝𝐞𝐝 𝐢𝐧 𝐝𝐞𝐟𝐢𝐜𝐢𝐭, 𝐫𝐞𝐥𝐲𝐢𝐧𝐠 𝐡𝐞𝐚𝐯𝐢𝐥𝐲 𝐨𝐧 𝐩𝐮𝐛𝐥𝐢𝐜 𝐬𝐮𝐛𝐬𝐢𝐝𝐢𝐞𝐬. Photo 1 Figure "Cost deficit and surplus at the Olympic Games" Figures in billions of dollars, adjusted for inflation, 1964 to 2018. SZ. Photo 2 by Tiia Monto https://lnkd.in/eUfJvw7G
