With the 2024 Olympic Games fast approaching, the initial budget, initially estimated at €3.8 billion, now seems a distant estimate. To date, spending on these games has soared to almost 9 billion euros, of which 2.4 billion comes from public funds. The total could increase further, with some experts predicting that the costs could exceed 10 billion euros, which is to say a major slippage.
Costs that soar despite an economical organization
Although costs are rising, these games could remain among the most economical in recent decades. The majority of funds come from private sources, with 1.24 billion euros from sponsors, 1.2 billion from the International Olympic Committee and 1.4 billion from ticket sales. These funds are essential to cover various expenses, ranging from the rental of the Stade de France to the salaries of security guards, without forgetting the costs of temporary infrastructure and entertainment for the opening ceremony.
Readjustments and concerns as the event approaches
The budget was revised upwards at the end of 2022, increased by 10% following inflation and an increased need for public funds of 111 million euros for the Paralympic Games, according to the Court of Auditors. This revision is attributed to an initial underestimation, a phenomenon unfortunately all too common in this type of organization where optimism is a little too strong at the start.
100 days before the games, the pressure is mounting. The organizing committee still has a reserve of 120 million euros, but recently faced a refusal from the Île-de-France region concerning aid of ten million euros for the transport of accredited participants. The government remains vigilant, ready to intervene in the event of a deficit, guaranteeing up to three billion euros.
Financing of infrastructure with public funds
The principle “the Games finance the Games” remains, but the essential infrastructure remains the responsibility of the State. This includes the Olympic Village, planned to be transformed into housing, and other major projects such as a footbridge linking the Stade de France to the Olympic Aquatics Centre. Nearly 1.8 billion public euros have already been paid through the Olympic Works Delivery Company (Solideo), bringing the combined budget to 8.8 billion euros, significantly above 2019 forecasts .
Uncertain outlook
The exact cost of public safety and other expenses remains unquantified. Although precise evaluations will only be available after the games, according to Pierre Moscovici, the president of the Court of Auditors, Minister Amélie Oudéa-Castéra remains confident that there will be no budgetary slippage or hidden costs. (but it already is, so…)
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