Subscribe Now

travelers today

Home » News

2014 Winter Olympic Games in Sochi, Russia: Most Expensive Olympic Games Ever--Estimated Cost, $50 Billion, So Far [Video]

Travelers Today       By    Antranig Dereyan

Updated: Feb 04, 2013 12:21 PM EST

Text Size: A A A

A general view of the Bolshoy Ice Dome (L) and Adler Arena Skating Centre in the Olympic Park to be used for the Sochi 2014 Winter Olympics, in Sochi
A general view of the Bolshoy Ice Dome (L) and Adler Arena Skating Centre in the Olympic Park to be used for the Sochi 2014 Winter Olympics, in Sochi (Photo : Reuters)

It might be a year away, but the construction is well underway in Sochi, Russia, in preparation for the 22nd Winter Olympic Games, which is due to start on Feb. 7, 2014.

Russian Television has reported, according to an Olympic preparation commission, "that so far the cost is over $50 billion, five times more than original estimates."

The 2014 Winter Olympic Games is turning out to be the most-expensive games ever. It has surpassed the $40 billion that the city of Beijing put for the 2000 Summer Olympic Games-than the most expensive Olympic Games.

Share This Story

In comparison, the Beijing Olympics doubled the amount of money that London put, which was $19 billion.

 "Some explain the expensive price tag over the fact that the city of Sochi did not have most of the needed infrastructure. Jean-Claude Killy, chair of the International Olympic Committee's coordination commission for the Sochi Games, said that 85 percent of the infrastructure had to be built from scratch," according to Russian Television.

Igor Nikolaev, director of the Strategic Analysis Department at FBK, told Nezavisimaya Gazeta Newspaper that the lack of infrastructure was one of the reasons for the huge expense: "There was really a lot that needed to be built in order to prepare for the Olympics, including infrastructure." He added that the huge estimates cannot be taken literally, since they were artificially inflated by the Olympics' private sponsors. "

"So far, sponsors have spent $24.6 billion, and costs are expected to increase to $33 billion," stated Russian Television.

"In total, 378 federal facilities and 46 regional are being built for the Sochi Olympics. Of these, only 13 are sport-related; the others are related to infrastructure and accommodation," reported Russian Television.

Of the main Olympic facilities, only six have been completed - the preparatory commission has reported a shortage of over 22,000 workers at construction sites," according to Russian Television.

The project, which is 70 percent complete and has run up a bill of $36.7, according to Russian Television, is planned to be done on time, with plenty of time for last-minute clean-up or restorations.

The International Olympic Committee inspection found "no real burning issues" in Sochi preparations for the 2014 Winter Games, reported ESPN.com.

If the number $50 billion is mind numbing, this will be another shocker, that $50 billion is just an estimate, not a final cost. The cost could reach as high as $65-$70 billion once the entire construction project is over with.

© 2015 Traverlers Today, All rights reserved. Do not reproduce without permission.
Join Our Conversation

Travel Tips

European City

Managing a Home Stay on your Travels Abroad

Whether a student or avid traveler, staying with a host family can be an amazing experience with first hand exposure to the culture, language, and food. But, of course there are fears and worries about staying with a family you have never meet, and the host family has them too about letting a stranger into their home. You want this time that you are staying with them to be enjoyable, full of intercultural learning and exchanges.

Subscribe to our newsletter

Receive the latest travel news, reviews, and more..

Want more Travel?

Most Popular

Kentucky's own Bonnie and Clyde: Dalton Hayes and Cheyenne Phillips.

Kentucky Teens Crime Spree: Youngsters Suspected Of Car Theft Finally Apprehended

Kentucky teens crime spree made the headlines early Sunday morning. These teenage sweethearts were found grabbing some shut-eye inside a stolen pickup truck in Florida.

President Barack Obama

Obama: Paid Family Leave Is A Worker’s Right!

President Obama wants paid family leave to happen.

Berlin Mosque Outspoken Against Paris Attack

Duke Chapel Call To Prayer: Muslim Students At Duke University To Start Weekly Call-To-Prayer, Aid In Restoring Peace?

Duke Chapel Call To Prayer – Muslim students enrolled at the Duke University are set to start a weekly call to prayer. This is the latest according to the announcements made by school officials. Call to prayers will begin on Friday. Will such actions restore the peace between non-Muslims and Muslims in and out of Duke University?

Kim Jong Un

North Korea US Talks: DPRK Promises To Stop Nuclear Tests If Washington Promises To Stop Joint Military Exercises With South Korea

North Korea US talks may or may not happen following the former nation’s renewed bid to sway Washington’s decision after it rejected Pyongyang’s proposal to suspend nuclear tests under the condition that yearly American military drills with South Korea were put off. According to An Myong Hun, if the proposal is accepted, “many things will be possible this year on the Korean peninsula.”

Chris O'Leary shares picture on Twitter.

Passenger Delta: 65-Seater Regional Jet Flies To New York With Only Two Passengers

Passenger Delta flies to New York with only one other person. Today, flights are almost always packed that finding an empty middle seat has become somewhat of a rare luxury.

Memorial grows for 4 men shot in killed in San Francisco shooting Friday night

San Francisco Shooting: 4 Murdered In Hayes Valley, Suspects Still Hunted, Gang Related Shooting?

San Francisco Shooting – Four men were murdered in the upscale Hayes Valley neighborhood Friday night, according to authorities. The victims of the San Francisco shooting who were reportedly shot to death were found shot inside a black 2005 Honda parked near the corner of Page and Laguna streets.

Mass Unity Rallies Held Around The World Following Recent Terrorist Attacks

United States Issues Worldwide Travel Alert: Recent Terror Attacks In Paris And Hostage Taking In Sydney

United States issues worldwide travel alert following the recent terrorist attacks in Paris and Sydney. This alert comes after the announcement that French police have once again managed to track down and kill three of the hostage takers involved in the attack on Charlie Hebdo.

Major Floods Swamp Metro Detroit Area

Interstate 94 Pileup: Lanes Reopen After Deadly 193-Vehicle Pileup

Interstate 94 Pileup – After the deadly pileup involving more than 100 cars in the Interstate 94 at Michigan, all lanes have now reopened. The lanes have reopened on Sunday, which was two days after the pileup that claimed one life while leaving more than a dozen injured.

Alcohol poisoning kills 6 Americans every day

US Government Alcohol Poisoning Kills 6 People Daily, Victims Mostly Middle-Aged Adults

US Government Alcohol Poisoning – According to a new Vital Signs report from the Centers for Disease Control and Prevention, more than 2,200 people die from alcohol poisoning each year in the United States, meaning there it can kill an average of six people daily.

Find Us on Facebook

travelers today

© Copyright 2015 Travelers Today All Rights Reserved.

Subscribe to our newsletter
Real Time Analytics