Paris Olympics: Will France's investment ever pay off?
France spent billions to organize this year's Paris Olympics and Paralympics hoping the Games will bring an economic boost. Will the investment pay off?
Category
🗞
NewsTranscript
00:00Everything is about the Olympic Games here, the world's biggest sporting event.
00:05Host country France is hoping for an economic boost worth billions.
00:10The government has invested in revamping infrastructure and building facilities.
00:14Depending on the scenario, the economic benefits for the region around Paris
00:19could range between 7 and 11 billion euros, according to the organizers of the Games.
00:24But that sum would be spread over 17 years, making it a modest gain.
00:29Preparations have already cost a lot.
00:32The budget for the Olympics and the Paralympics is estimated around 9 billion euros.
00:38Around half of that was for the organization of the Games and infrastructure.
00:43It's 15% more than the initial cost estimate, but still lower than the spending for the previous Games.
00:49Was it worth it economically?
00:52What is clear is that millions are visiting Paris just for the Olympics,
00:55and it's travelers who are ready to spend more than the regular tourist.
01:00And that requires services.
01:03More than 180,000 additional jobs have been created, according to organizers.
01:09Most of them are in food services, tourism and industries involved in staging the Games.
01:14Despite these challenges, the 2024 Olympic organizers and the host city
01:19are hoping that this year Paris will take home the economic gold medal.