From the security to the opening ceremony, the 2012 Olympics in London will have a hefty price tag. Here are six of the most important costs.
According to the Associated Press, security for the 2012 games will be between $1.6 billion and $2 billion. Before 9/11, security costs for the Sydney games in 2000 were $179.6 million.
Is the gold medal really worth its weight? Bloomberg Businessweek puts the price of gold medals at $660, silver medals at $325, and bronze medals at $3. The gold medal is actually 92.5% silver, and only has six grams of gold. The last time the medals were made entirely of gold was in 1912. For the first time, the silver in this year’s gold medal is worth more than the gold content.
Want to see the games in person? It will cost you a pretty penny to get there. According to Bing Travel, one adult ticket from New York to London costs $1,126 on American Airlines and United Airlines, and $1,033 on Virgin Atlantic Airways.
If you’re visiting London before the games, an average hotel room would cost $125 to $200 a night, according to The Atlantic. But during the games, prices spike to $300 to $600 a night. Surprisingly, Reuters reports that hotel bookings in London are down by a third from last year.
According to several media reports, the opening ceremony’s total cost adds up to $42 million. 10,000 volunteers will help with the ceremony, while one billion people are expected to watch it.
Research from The University of Oxford says that the London Olympics are 101% over budget, and will now cost $13.2 billion. London won’t be the first city to spend over its budget. According to Forbes, Athens originally estimated costs at $1.6 billion, but the total bill came to $16 billion. The 1992 Barcelona games had a debt of $6.1 billion, while Montreal took 30 years to pay off its $2.7 billion in debt after the 1976 games.
How much will this year’s Olympic games in London cost?