Europe's strongest economy Germany has been stuck in a recession since last year. However, the 2024 Euros has also enticed fans who spend. But have the profits outweighed the costs of hosting the games?
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00:00Europe's strongest economy, Germany, has been stuck in a recession since last year.
00:05However, the 2024 Euros have also enticed fans who spend.
00:11But have the profits outweighed the costs of hosting the Games?
00:15Euronews asked international sports management professor Dr. Alexander Hodek.
00:30If you look at the 2.7 million fans that the federal government has expected,
00:35if they spend 2 million of them overnight and then 1-2 nights,
00:39then that's maybe 1% of the overnight stays in the whole of Germany.
00:43That's not the effect that blows everything away.
00:46But beyond this economic effect, there are also things that do something with the people,
00:53change the mood, that you may also be proud to live in Germany.
00:59It's estimated that the tournament will cost the host cities a combined 260 million Euros.
01:09But both the Hotel and Catering Association and the German Brewers Association
01:14said unpredictable thunderstorms combined with sweltering heat dampened opportunities for fans to spend.
01:21Whilst the 10 host cities will only find out over the next couple of months if they've managed to break even,
01:28the main winners of the tournament so far have been the UEFA.
01:32The Football Association already expects to make a profit of over 1 billion Euros
01:38from ticket sales, broadcasting rights and tax exemptions worth millions.
01:44Liv Stroud in Berlin for Euronews.