In December the head of the National Audit Office warned of the risk of the government exceeding its Olympics budget of £9.3billion; but warnings seem to have been ignored as costs could be as high as £14bn.
Revenue for London 2012 Olympics only expected to be £10 billion but spending exceeds this by over £4 billion
But what is even more worrying is that the estimated figure of £14 billion is accurate of spending already committed, most experts expect spending to exceed the £20 billion mark and reach a total of almost £24 billion. Not a particularly cheap 2 week holiday …
London 2012 Current Running Costs
| Cost in Millions | |
| £ 6,500.00 | Upgrading Transport Links |
| £ 4,400.00 | Security & Intelligence |
| £ 1,131.00 | Counter Terrorism Policing |
| £ 826.00 | Legacy programmes |
| £ 766.00 | Venue and land cost |
| £ 300.00 | Olympic Park Legacy Company |
| £ 29.00 | UK Sport |
| £ 22.00 | Sport England Legacy Work |
| £ 12.00 | Torch Relay Events |
| £ 7.00 | London Tube Employees Bonus |
| £ 4.00 | London Ambassadors |
| £ 3.00 | TfL Staff Overtime |
| £ 0.50 | Local Council Ticket costs |
| £ 0.50 | Logo |
| £ 0.40 | Stone Monument |
Related facts
-The Los Angeles 1984 Games were the first to turn a profit ($225 million) in 1932. The cost to stage the Olympics was about $1.500bn.
-TV rights were sold for the first time in Tokyo 1964 at $1m. By Athens 2004, the cost was £1.400bn.
-The cost of the 1896 Games was about $448,000. (The Guinness Book of Olympic Facts and Feats, 1996)
Sydney’s 110,000-seat stadium cost $402m to build and Beijing’s 91,000-seat stadium will cost approximately $423m.
-The final cost of the 2004 Athens Olympics was £8.0bn, much more than the original previsions. About £700m covered security which was double the budget of the Sydney Games in 2000.
-The Barcelona Games in 1992 cost £8.1bn. About 53% of that money came from public funds. The Atlanta Games in 1984 cost £1.5bn, and Sydney 2000 about £2.5bn. (UK Parliamentary Select Committee on Culture, Media and Sport)
Sources
http://www.londonoutloud.co.uk/london2012fact.html
http://www.dailymail.co.uk/news/article-2092558/London-2012-Olympics–335k-taxpayers-money-spent-toadstools-sculpture-Dorset.html
London 2012 Final Costs official PDF document