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

Kas, Turkey

Things to Consider While Planning the Perfect Summer Adventure

It is difficult to figure out where to go when there are so many amazing and breathtaking places around the globe to choose from. But there are a couple of important qualifications that can help narrow down the options: safety, weather, and expense.

Subscribe to our newsletter

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

Want more Travel?

Most Popular

Jodi Arias Update

Jodi Arias UPDATE: Convicted Murderer To Live In Prison For Life Without Any Chance Of Parole

Jodi Arias’ latest update reveals that the convicted killer is getting a sentence of natural life in prison with no chance of parole. Now that the sentence has been given, the 2008 murder case that made headlines for its salacious details is finally closed.

No reports of injury after a magnitude 3.5 quake in Los Angeles

Los Angeles Earthquake: 3.5 Magnitude Quake Shakes West Los Angeles Five Hours After Smaller Quake, Due To Drilling?

Los Angeles Earthquake – On Sunday night, the U.S. Geological Survey reported that a magnitude 3.5 earthquake shook the Baldwin Hills section of Los Angeles. Residents on social media described the recent Los Angeles earthquake as a “quick jolt.”

Collegiate rowing team gets attacked by Asian carp

Asian Carp Attacks Rowers, Flies Towards Them? [VIDEO]

Asian Carp Attack – Early Friday morning, the Washington University in St. Louis freshman men's rowing team experienced an unexpected scene with a swarm of Asian carp. The Asian Carp attack occurred as swarm flew out of the water and seemingly attacked, or to be more specific, slapped them in the face.

20 sleeping dam workers were killed Balochistan, Pakistan

Dam Workers Killed: 20 Sleeping Workers Gunned By 40 Men In Pakistan

Dam Workers Killed – Early Saturday, gunmen in Pakistan's southwestern Balochistan province shot and killed at least 20 sleeping workers, while wounding three at a dam construction site. The attack which had the dam workers killed is now considered the deadliest attack in recent times which targeted civilians in a region with low-level insurgency.

Disturbing video shows horse thief being beaten by police in California

Horse Thief Beaten By Police: Shocking Footage Shows 11 Officers Brutally Beating Thief, Gets Internal Investigation [VIDEO]

Horse Thief Beaten By Police – A video showing more than ten deputies beating and kicking a suspected horse thief is making headlines. The footage of the showing the horse thief beaten by police has been recorded by an NBC Los Angeles helicopter Thursday, and it lasts for about two minutes.

Six Thais, one Italian injured in car bomb blast on Thailand's Samui island

Thailand Car Bomb Explosion: Injures 7 In Popular Resort Island, Act Of Islamic Insurgency?

Thailand Car Bomb Explosion – On Friday, a bomb exploded at the Central Festival shopping mall in Samui Island in Surat Thani province, one of the country’s popular resort islands. The Thailand car bomb explosion, which went off in the basement of the mall after a fashion show at 11:30 p.m., injured seven people, according to authorities.

7 died in a plane crash near Bloomington, IL while returning home from NCAA championship game

Bloomington, Il Plane Crash: 7 Dead While Returning From NCAA Tournament, NTSB Investigating

Bloomington, Il Plane Crash – Seven people died after a small plane crash in McLean County, Illinois, near the Bloomington airport Tuesday while on its way home from the NCAA basketball tournament in Indianapolis. Authorities said that two members of Illinois State University's athletic department were amongst those killed in the Bloomington, Il plane crash.

Dozens arrested as violence erupts at Kentucky's basketball celebration

Lexington Fans Arrested: Wildcat Fans Rampage Over Loss, 31 Arrests Made

Lexington Fans Arrested – Following the loss of Wildcats to the Badgers, a number of Wildcat fans were left bewildered over the loss. However, some fans were quite enraged that they took their rage literally with a number of fires spread in the University of Kentucky’s Lexington Campus.

Caribbean Beach

Delaware Family Pesticide: Family In Critical Condition Following Alleged Pesticide Poisoning At Caribbean Resort

Delaware Family Pesticide – What should have been a safe and enjoyable Caribbean getaway turned out to be a deadly one. A family from Delaware is in serious condition following an alleged pesticide poisoning at the Sirenusa Resort on St. John in the US Virgin Islands.

Find Us on Facebook

travelers today

© Copyright 2015 Travelers Today All Rights Reserved.

Subscribe to our newsletter