Sochi Expected to Be the Most Expensive Olympics Ever

The estimated $50 billion is many times more than original estimates

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In 2007, when Russia won its bid to host the 2014 Winter Olympics, the country estimated the games would cost $12 billion. Seven years later, with the opening ceremony just three weeks away, the cost of the games has exploded to an estimated $50 billion, CNN reports, which is believed to be the most expensive Olympics in history.

Even Russia’s bid for the games showed a staggering inflation over the cost of previous Olympics. When Vancouver hosted the 2010 Winter Games, the total cost of preparations was $8.7 billion. But as Russian began building new roads, hotels and sporting venues, the cost of the Sochi games kept climbing, surpassing China’s 2008 summer games, which are believed to have cost $40 billion.

Even the Beijing Olympics–before Sochi the most expensive in history–seems like a bargain compared to this year’s games. According to data compiled by Bloomberg, the 302 events in Beijing cost roughly $132 million per event, while Sochi’s 98 events will average out to $520 million a pop. New infrastructure and security are believed to be the most expensive parts of the Sochi games. But Russia’s former deputy prime minister and fierce critic of President Vladimir Putin published a report last year alleging widespread corruption, calling the Olympics one of the most “outrageous swindles” in recent Russian history.

Russia plans to use much of the new infrastructure when the country hosts the World Cup in 2018.

[CNN]

9 comments
RojanaMinnih
RojanaMinnih

Still a better investment than Bombamas warbudget. Peace love and sports!!=D

LeonardBodner
LeonardBodner

$50 billion sick! And they can't a ford to build the housing that they took away from thousands of people so they could build promising them they would build them housing,thats one of many sad things over there.This comes from a friends friend who's mother lives there.They also apparently captured some orca's and have them in some huge tank,what the hell does that have to do with the games? 

Sibir_Russia
Sibir_Russia

Russia today at the peak of development in history. Olympic Games in Sochi is an investment in the future, which will leave a huge sports infrastructure for sports.

Dashpound
Dashpound

The costs exploded downward?

DanBruce
DanBruce

If all of the money that is wasted on college and professional-level sports was directed toward things that benefit all of mankind (such as education, healthcare, etc), the world would be an infinitely better place. Sports is the new opiate of the masses.

bojimbo26
bojimbo26

.............while the citizens starve .

kabb5
kabb5

First paragraph should say $50 billion, not $50 million

wh1te_mag1c
wh1te_mag1c

@DanBruce Give me a break. The Olympics is thousands of years old. A more legitimate complaint against it would be the corruption, of the type mentioned in the article, or maybe doping.

vaaltwize
vaaltwize

@bojimbo26starve?  russian people eating and drinking very well, trust me I'm expat living abroad, and visited russia for 3 month and what i see that is unbelievable changing life style and level of demand (and supply) never been so high in russian history like that. shops full of people, lot of jobs, salary not so high like in US but prices low as well

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