As we’re at the start of the Winter Olympics in Sochi I can’t help but think about the costs involved with putting on such an extravaganza. The original London 2012 estimate was 4 Billion GBP but came in at 8.92 Billion GBP. However apparently they set aside 9.3 B so they came in under. Sochi is apparently coming in now at $51 Billion. We know what happened to Greece. Is it really worth the “prestige” of putting on the event? With all the issues Sochi is having around rooms not being done and slopestyle being fixed due to dangerous conditions what does $51 Billion buy you?
I have no idea why countries fight to put these on. If NY won the bid for 2012 I would have made sure to be on vacation during the month of the games. After Super Bowl having its own issues for only a couple of days that pales in comparison to the Olympics.
We’ll have to wait until the Sochi Olympics comes to a close to get the full costs vs. benefit view. I don’t predict it being balanced.