Infrastructure in Paris That Made the 'Half-Price Olympics' Possible [Paris Olympics]

Less than half the cost of Rio Olympics
95% of venues utilize existing buildings

The hosting cost of the 2024 Paris Olympics is expected to be half that of previous years, making it the most affordable Olympics in recent times. This success is attributed to the active utilization of existing infrastructure instead of pouring trillions of won into building new venues.

On the 25th (local time), CNBC highlighted the budget management of the Paris Olympics, stating, "According to research from Oxford University, all cities that have hosted the Olympics since the 1960s significantly exceeded their initial budgets, but this time the story is different."

[Image source=EPA Yonhap News]

According to an S&P Global Ratings report, the expenditure for the Paris Olympics is estimated to reach $9.7 billion. This is about 25% over the initial budget of $6.9 billion. This contrasts sharply with the 2016 Rio de Janeiro Olympics and the 2020 Tokyo Olympics, which spent $23.6 billion and $13.7 billion respectively, exceeding their original budgets by 280-350%.

The key factor enabling the Paris Olympics to minimize spending is the use of existing infrastructure. Ninety-five percent of the venues to be used during the Olympics already existed before Paris was selected as the host city. Newly constructed buildings specifically for the Olympics include only three sites: the Olympic Village, the swimming center, and the gymnastics and badminton arenas, totaling $1.6 billion.

Etienne Thobois, CEO of the Paris Olympic Organizing Committee, stated, "From the beginning, our plan was to save money and not invest in anything unnecessary," adding, "The Olympics adapt to the city, not the other way around." CNBC explained, "France renovated existing venues and created temporary spaces to showcase landmarks," noting that "athletes will play beach volleyball next to the Eiffel Tower and participate in equestrian events in the Versailles Gardens."

Local media have even remarked that France has won a gold medal before the Olympics have started, referring to the record-breaking ticket sales for the Paris Olympics. Tony Estanguet, Chair of the Paris Olympic Organizing Committee, announced, "We have surpassed the previous record of 8.3 million tickets set by the 1996 Atlanta Olympics," revealing that "Paris Olympic tickets have exceeded 8.6 million, and Paralympic tickets have surpassed 1 million."