It’s been a long wait, but the2024ParisOlympicsare underway, and medals are already being awarded to those who are ready to claim their place in history.
However, when tens of thousands of people come together from around the world, countless opportunities emerge not just for competition and camaraderie but also for smiles and giggles.
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As Paris provides center stage for top-tier performances of the human body, mind, and spirit, the City of Lights will remain in the spotlight for the next few weeks.
But the International Olympic Committee (IOC) hopes to change course, taking a more frugal and greener approach.“This will be the first Olympics, since Sydney, where the total costs are coming in under $10 billion,” Victor Matheson, a College of the Holy Cross professor of economics who has researched the financial costs of the Olympics,toldCNN.“That’s because the IOC was running out of cities willing to host this thing,” he explained. “It’s become pretty clear to cities that — under the old regime — these were real financial debacles for the cities involved, and wildly expensive with little hope to make money back in the long run.”
But the International Olympic Committee (IOC) hopes to change course, taking a more frugal and greener approach.
“This will be the first Olympics, since Sydney, where the total costs are coming in under $10 billion,” Victor Matheson, a College of the Holy Cross professor of economics who has researched the financial costs of the Olympics,toldCNN.
“That’s because the IOC was running out of cities willing to host this thing,” he explained. “It’s become pretty clear to cities that — under the old regime — these were real financial debacles for the cities involved, and wildly expensive with little hope to make money back in the long run.”
It might sound difficult, but the IOC has dealt with tremendous challenges in the past, too.
The icing on the cake was that the LA Organizing Committee ended up with a surplus of $215 million.
Additionally, the Paris Olympic Village willbe converted into offices and housingin a historically impoverished neighborhood. (However, it’s worth pointing out that the efforts have raised concerns aboutdisplacing thousands of peopleand negative gentrification impacts.)
However, Matheson and other experts doubt whether all of this will ensure the true long-term viability of the Olympics. Some suggest that designating a single city or a rotation through a couple of cities to serve as permanent hosts would be a better solution.But before we make such bold changes, let’s see how Paris manages to do it.
However, Matheson and other experts doubt whether all of this will ensure the true long-term viability of the Olympics. Some suggest that designating a single city or a rotation through a couple of cities to serve as permanent hosts would be a better solution.
But before we make such bold changes, let’s see how Paris manages to do it.
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