Paris Olympics, Paralympics ‘net cost’ drops to 2.8bn euros: think tank

The “net cost” of the 2024 Paris Summer Olympics and Paralympics to the French state has been adjusted down to 2.8 billion euros ($3.3 billion), a government think tank announced on Monday.

The figure is “considerably reduced” from the 6.6 billion euros announced by the national audit body in September with the adjustment reflecting the estimated impact on employment and infrastructure.

“By factoring in certain benefits, the climate dimension and legacy value – still measured only partially – the total cost of the Games decreases considerably: it would be more than halved, to under 3 billion euros,” the high commission for planning (HCP) said in a “summary note” obtained by AFP on Monday.

This “net cost” of 2.76 billion euros “would even drop to 1.5 billion euros, a reduction by more than a factor of four,” when “less conservative assumptions” are taken into account, the HCP said.

The body led a “cost-benefit analysis” of the Paris Games “aimed at covering all economic, social, and environmental effects for France,” the note details.

The study was conducted by the Research Centre for the Study and Observation of Living Conditions (Credoc) and overseen by a scientific board.

The HCP said the infrastructures built would have “long-term” benefits.

“Under certain assumptions, which may be refined over time, their legacy value would amount to nearly 3 billion euros,” the body said.

Job creation was another important factor in bringing down the bill with its value to society estimated at 200 million euros.

Employee bonuses produced “a net benefit of around 500 million euros” while increased participation in sports and the associated health benefits is estimated at 250 million euros.

The HCP also claimed the “well-being derived by French spectators” can be valued at 300 million euros.

“This is a snapshot estimate; several of these benefits may materialise or increase over time,” said the HCP.