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SBD Global/January 11, 2017/Finance

French Government Study Finds Euro 2016 Generated More Than €1B

A study commissioned by the French government revealed that Euro 2016, which officially cost less than €200M of public money, had an economic impact of €1.2B on the host country, making the tournament a “very lucrative event,” according to Edouard Pflimlin of LE MONDE. The government spent €24M to “assure public security, in particular the fan zones in June and July, double the budgeted amount due to the increased risk of a terrorist attack.” Close to €160M of public money “was invested in the construction and renovation” of 11 stadiums between ’11 and ’16. The rest was provided by private funds and tournament organizer UEFA. Overall the event had a financial impact of €625.8M from tourism and €596M from “organizational expenditures.” The study showed that “613,000 foreign spectators traveled to France for the event,” spending an average of €154 per day and staying 7.9 days in the country (LE MONDE, 1/10). The AP reported the study said that hosting Euro 2016 also generated €74.3M in "extra fiscal revenue for the state." With France also bidding for the 2024 Olympics, Sports Minister Patrick Kanner said that hosting big sporting events is "an opportunity." A study by the same institute estimates that hosting the Olympics in Paris could generate €10.7B ($11.3B) "in economic benefits and create more than 250,000 jobs in the French capital region" (AP, 1/10).
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