when it is announced that a country will be hosting The Olympic Games, the usual responce is celebration. But how much does hosting The Olympic Games actually benefit the country?
Many people think of hosting The Olympic Games to be beneficial, so what does it benefit in particular. One thing would be that the games will bring in 10,000s of visitors from abroad, not only will they pay for the games, they will also increase hotel business, local shops’ income, restaurants etc. This will benefit both the local area and the rest of the country. Another benefit would be that it will create more jobs. This is because the preparation of the games will require lots of work to be done. The idea of ‘The Olympic Effect’ is that hosting The Olympic Games will cause economic growth in the country hosting it. This is because of the foreigners visiting, and higher investment. These are all valid reasons as to why hosting The Olympic Games would benefit the country hosting.
With that said, what is the cost of hosting the games? not all countries benefit from the games, and the amount of money needed to host them is rather large. It has been shown that in the last few years the cost has risen quite a bit. One example would be The Sochi Winter Olympics, which costed around 50 billion USD. This could mean that in future, hositng the games will cost a much greater amount of money, and it will seem idiotic to want to host them. Another thing is overbuilding and future use issues. In many Olympic Games there have been many extra facilities built, which not only adds to the cost, but also has almost no future purpose. Many of the stadiums built for past games have been left almost unused after the games. This is a large loss to the hosting country as it will seem like a lot of money used on nothing. And about the visitors and jobs mentioned before, what happens to that after the games are over? The visitors are only there for the games so after the games finish the visitor rate will most likely drop significantly. As for the jobs created, there wil no longer be any use for the workers, so those who had those jobs will lose them and that could lead to unemployement for some, which is not good for the economy of the hosting country.
From what I have found out about the benefits and costs of hosting The Olympic Games, it seems that hosting the Olympics is a bit of a gamble but is more likely not very benefitial. My final conclusion would be that it is best not to host the games becasue of things such as the cost, future use and the dropping of visitors and employement. Though some countries do benefit greatly from hosting the games, it would be best not to as the outcome is not always positive.
“Costs and Benefits of the Olympics.” Economics Help. N.p., n.d. Web. 27 Apr. 2015.
“Is It worth the Cost to Host the Olympic Games?” Is It worth the Cost to Host the Olympic Games? N.p., n.d. Web. 27 Apr. 2015.