The Economics of the 2026 Milan Olympics: €1.3 Billion in Direct Revenue, €5.3 Billion in Indirect Benefits

The 2026 Milan-Cortina Winter Olympics (The Olympic Winter Games Milano Cortina 2026) concluded successfully on February 23. According to Italian financial newspaper Italia Oggi, the Games generated over €1.3 billion in direct revenue, primarily from three sources:

• Ticket sales: approximately €200 million, with 1.3 million tickets sold at an average price of €154 (merchandise and hospitality revenue not yet disclosed);
• IOC television rights share: approximately €570 million;
• IOC sponsorship share from 11 global partners: approximately €550 million.

Italian financial bank Banca Ifis estimates the indirect benefits of the Games at €5.3 billion. Of this:

• €1.1 billion from immediate spending by spectators and staff;
• €1.2 billion from tourism spending in the 12 to 18 months after the Games;
• €3 billion from long-term economic returns from infrastructure upgrades.

In terms of accommodation, the largest spectator expense, hotel prices varied significantly across host cities during the Milan Olympics.

In the core city of Milan, hotel prices saw notable increases. According to Reuters, citing data from the Milan Hotel Association Federalberghi Milano, the average hotel room price in Milan rose to €319 per night during the Games from February 3 to 23, up 41.7% from €225 in the same period last year. Five-star hotels saw the highest increase, with average prices 87% higher than in 2025; four-star and three-star hotels rose by 46% and 20%, respectively.

Cortina d'Ampezzo saw accommodation prices surge before the Games and then drop. According to data from the Lombardy Industrialists Association (Assolombarda), a survey in late January showed the average accommodation cost for a weekend (two people, two nights) during the Olympics was €500, 6% lower than a regular weekend in January, a 75% drop from the €2,078 surveyed in December last year—a stark contrast to the predicted "300%-400% surge" in August.

In terms of expenditure, according to a report released by Assolombarda on February 16, the overall budget for the 2026 Winter Olympics exceeded €9.4 billion. This funding was mainly allocated to three areas:

• Olympic infrastructure construction: €3.54 billion for infrastructure under the Olympic Works Plan (Piano delle Opere Olimpiche);

• Event organization and operations: €1.9 billion in organizational costs;

• Local supporting investments: Approximately €4 billion in additional infrastructure investment by the Lombardy region (incomplete statistics).

Specifically for the host city Milan, total Olympic-related expenditure reached approximately €1 billion, consisting of two parts:

1. Official budget input of €735 million: €379 million for event-related and infrastructure modernization, €356 million for event organization and operations;
2. Additional spending during the Games of €265 million: mainly from operational spending by tourists, athletes, and accompanying personnel.

｜Sources: Italia Oggi, Banca Ifis, Reuters, Assolombarda

｜Image credit: Official event social media accounts