With the start of the latest winter Olympics just days away, many people in Russia have put on record their uneasiness with regards to the cost of hosting the games. When the final bill for the games comes in, it is expected to be costing the country upwards of $51 billion, which will not only make Sochi, most expensive Winter Olympic Games in history, but the most expensive ever, summer games included.
Another breathtaking stat in relation to how much Sochi Olympic Games cost is the fact that the winter games has only around a third of the events that the summer games has. This means that each event of these games comes in at a whopping $520 million, which is almost four times the cost of each of the events at the summer Olympics in 2008, which were hosted in the Chinese city of Beijing, which by any stretch of the imagination is a big difference.
Allegations of corruption
When you compare the $51 billion cost of these games with the initial estimate of $12 billion, you will soon see why so many people are up in arms about the spiraling costs. There have been allegations of corruption and fraud being thrown about, which may have some truth behind them when you take in to account the cost of a 31 mile stretch of road. This road, which connects the towns of Krasnaya Polyana and Adler cost more than $8.5 billion, and obscene amount of money for such as short length of road.
The Olympics are a costly business
A recent survey has suggested that most summer and winter Olympics have seen overspending due to the fact that it can be difficult for construction companies to stick to an estimate. The problem comes from the fact that most Olympic Games are awarded 4 or 5 years in advance, yet cost projections and building costs are usually based on building costs at that time. By the time the games are awarded and construction of the new venues gets the go-ahead, construction costs, material costs and workers wages have often risen, something, which can cause most games to be more costly than the initial estimate. That being said, even taking this into account, it does seem as though, for the Sochi Olympics at least, the numbers just do not add up.
At the end, I suggest you watch the Youtube video of how the Sochi Olympic Park look now in the real life :). Stay tuned, folks!