Paris 2024: a revised and "balanced budget" of €4.38bn (+10%) impacted by inflation

"After a collective effort lasting several months, led in close collaboration with the International Olympic Committee (IOC) and its stakeholders, the Paris 2024 board of directors, guided by recommendations of its audit committee, adopted a revised multi-year budget of €4.38bn (an increase of approximately 10%, or 5% net of inflation)," announced the Organising Committee of the next Olympic and Paralympic Games on 12/12/2022.

This is the third revision of the budget for Paris 2024, which highlights "a context of high inflation" as the main explanation for the increase in expenditure. The additional costs are also due to the new ambitions for the two opening ceremonies of the Olympic Games (on the River Seine on 26/07/2024) and the Paralympic Games (Place de la Concorde on 28/08/2024) and the underestimation of security (+€25m) and cybersecurity (+€10m) expenses. "We also noticed that some costs had been badly anticipated, such as the reclassification leave for employees at the end of the Games (estimated at €25m)," said Tony Estanguet, president of Paris 2024 on 22/11/2022.

However…