Do The Olympics Predict Economic Disaster?
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Published 2024-07-21
In this video, we explore the possible reasons behind this phenomenon and whether these multi-billion dollar events are worth the economic risks. We also compare these modern examples to historical instances, such as the 1936 Berlin Games and the 1976 Montreal Olympics, which left taxpayers in debt for decades.
Join us as we delve into the economic impacts of hosting the Olympics, the promises of infrastructure and job creation, and the harsh realities that often follow. Are these grand spectacles of sportsmanship and national pride truly beneficial, or are they merely costly national vanity projects?
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All Comments (21)
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Most large sporting events end up losing money. That's why private companies don't build stadiums. They trick municipalities to do it.
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You forgot to mention the 2012 London Olympics and their economic aftermath. Munich 1972 did reasonably well economically after the Olympic games, but the attacks on athletes during these Olympics tarnished the reputation of Munich and Germany for decades to come.
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This year I visited the remains of sports facilities after the Winter Olympics in Sarajevo. You could say that this Olympics was the last joyful thing that happened to this city. It was a really sad sight.
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As a Greek i find this video rather depressing
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Problem is that countries always overdo. If they just keep it simple and don't build gigantic venues for 1time use...
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2014 was also the same year IOC and many politicians were trying to push my country (Norway) to join the Olympics bid to host the games in Oslo, but the people were overwhelmingly against it after looking at the proposed budget so it never even joined the process; apparently IOC was really upset with us and it was insinuated that we could suffer consequences for it. I'd say time proved it was the correct decision.
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After the skyrocketing cost of venue construction, which are never used again, there has been talk of rotating the games through the same cities that already have all the necessary facilities with no need for a new city to bankrupt itself every four years. Unfortunately, this never seems to go anywhere. It would also cut down on the corruption in the IOC.
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Why can't they have the Olympics in the same place every time? Greece would be the obvious choice.
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To tackle this question accurately a longer video is needed
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I think that Paris will end up benefiting economically from the Olympics but not directly. Paris created a long term plan before the Olympics to modernize a lot of the infrastructure in the city. More focus on walking and biking, less on cars, more on transit. The Olympics causes Paris to implement many of those changes MUCH faster than they ever would have before and I think those changes will help the city and make it a better place to live and better off economically.
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Correlation does not imply causation. That said, no, the Olympics or any other international games (such as FIFA) aren't worth it.
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IOC playing the influencer scam since 1984: we will pay you with exposure. 👏👏
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I suggest the IOC should tender single competitions instead of the whole Olympics. Opening in London, Marathon in Athens, Sailing in Sydney, Soccer in Rio, etc. No single City can operate all venues profitably after those two weeks. So why don't we use those we already have instead?
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One of the reasons the LA games were profitable was because they refused to build new venues to host the games. They used the coliseum, the forum, etc, and housed the athletes in existing college dorms. Most other host cities missed that little detail.
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I think the big one is they committee leep demanding new stadiums rather than using ones that already existed
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Not a bad video & as a resident of Brisbane it makes me wonder about 2032. However there were a lot of successful games for countries without decline. 1988 Seoul games - South Korea has continued to prosper, 1996 Atlanta - US economy was starting the IT boom, 2000 Sydney - Australia has continued to prosper. However the cost of the games has gotten out of hand and needs to be resolved before nobody is interested in hosting any more.
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Rather than the Olympics being the harbinger of doom for a country, I think it's more a spotlight. Other issues were already cropping up but thanks to being an Olympic host any news or stories from those countries have a more recent memory that draws attention more readily. The war in Ukraine is an excellent example despite it being a rather dark one.
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I believe at least in the US hosted Olympics a lot of the facilities end up being reused by universities. In particular the Atlanta games. I do believe the cost is high especially security costs but at least in US the facilities appear to be used well
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13:40 a BIT shady? Please, things got so shady that if the shade generated translated into real world it would have solved the heat problem of the games.
