Monday 26 September 2016

Cost of Rio's 2016 Olympics rises by €92m in six months

Caio Saad

Published 31/01/2016 | 02:30

Sprinter Usain Bolt of Jamaica on his way to striking gold during the London 2012 Olympic Games. REUTERS/Phil Noble
Sprinter Usain Bolt of Jamaica on his way to striking gold during the London 2012 Olympic Games. REUTERS/Phil Noble

The cost of Rio's 2016 Olympics has risen by over €90m in six months.

  • Go To

The price tag for the event has jumped by 400m reais, equivalent to around €92m, since August, mainly due to the rising cost of supplying temporary power and seating at venues, the head of the group monitoring spending said. The projected total cost for the games, including large infrastructure projects like an extended subway and reformed port area, now stands at 39.1bn reais (€8.9bn).

The higher budget, which comes as Brazil wrestles with its worst recession in decades and an inflation rate of about 11pc, gives further ammunition to critics who argue the money could be better spent on Brazil's stretched public services. The spending on the Olympic stadiums stands in stark contrast to financial problems in Rio's health system, where hospitals have been forced to turn away patients as money runs out.

Marcelo Pedroso, president of the Public Olympic Authority (APO), which is monitoring spending for Rio's Summer Games, said the cost of supplying temporary power at venues alone accounted for an additional 290m reais, and will be paid for by the federal government.

Sunday Indo Business

Read More

Promoted articles

Editors Choice

Also in Business