The Winter Olympics leave Italy with a debt of 7.8 million dollars. Not to organize them, to win them

Italy can be satisfied with the Winter Olympic Games, held in its own home. It has gone well. Very good, in fact. Thirty medals in total: 10 gold, six silver and 14 bronze. If we talk about metals in general only there are three nations with a better balance, the powerful Norway (41) and the United States (33). The most curious thing is that this balance is so damn good that now Italy will have to assume a debt of almost eight million of dollars.

Success also pays.

What has happened? That Italy will have to face a debt of 7.8 million dollars for the Winter Olympics that it just hosted. So far nothing extraordinary if we take into account the large investment carried out by the country to host the Olympics and that a large part of these funds were financed by the Executive itself. The curious thing is that those almost eight million have nothing to do with its status as host or the infrastructure necessary for the tests. The debt has another reason: the sporting successes achieved by Italy.

Debts to earn? Yes. The news (and the calculations that support it) has revealed them Forbeswhich on Sunday echoed the peculiar scenario that Italy faces. In his day the Italian National Olympic Committee He decided to encourage his athletes by promising them huge bonuses if they made it onto the podium. To be more precise, he offered 213,000 dollars in exchange for gold, 106,000 for silver and 71,000 for bronze. What has happened? That incentive seems to have worked and has now generated a million-dollar commitment.

Its status as host nation opened the doors to automatic qualification for Italy, but its sports teams have demonstrated a more than notable performance: they achieved 30 medals (10 gold, six silver and 14 bronze), ten more than those achieved in 1994which had been his best winter Olympics until now. In fact, in the global ranking it is only surpassed by Norway, with 41 medals, and the USA, with 33. It is also one of the best positioned in gold medals. It occupies third place in the ranking, shared with the Netherlands.

Does it only happen to Italy? No. Although it is true that your case is peculiar. For your report Forbes He contacted 37 delegations who confirm having offered incentives to those athletes who reached the podium. Among those groups, Italy was one of the most generous. Only Singapore, Hong Kong, Poland and Kazakhstan surpassed it, which motivated their sports teams with bigger prizes.

For reference, Singapore ‘tempted’ its athletes with $787,000 in exchange for gold in individual sports. Hong Kong paid it at $768,000.

What happened in Italy? That the claim worked as well for none of those delegations as it did for Italy. According to the calculations of Forbesthe host country is the one that will have to pay the most now: 7.8 million dollars, well above the second on the list, the United States, with just over three million. Third on the list is Switzerland (1.5 million) and fourth is Poland, whose incentives total 1.24 million.

In general, the incentive system varies greatly from one country to another. Not only for its rewards. There may also be differences in how these bonuses are financed (with public funds or with sponsors), in the maximum number of bonuses or if the prizes extend beyond the podium, also rewarding athletes who return home with Olympic diplomas.

Italy has also decided to offer bonuses to its para-athletes, so the amount it owes to its most successful athletes could increase not much. In this case, the bonus amounts to $118,000 for those who win the gold, 65,000 for those who win the silver and 41,000 for the bronze.

Is it the only relevant figure? At all. The bonus debt is curious, but it is by no means the only relevant figure associated with the Winter Olympic Games that Italy has just organized, with distributed headquarters through Milan, Cortina d´Ampezzo, Verona, Valtellina and Val di Fiemme.

Another key data is the investment mobilized by the competition. S&P estimates that the total cost of the Winter Games comfortably exceeded 5,000 million euros. A good part of this spending (about 63%) was public and was dedicated mainly to investments in infrastructure. The other fundamental data is the economic return for the country: some estimates speak of the generation of some 5.3 billion eurosa good part of them thanks to tourism boost.

Images | Eric Salard (Flickr) and Simone Ferraro/CONI

Via | Forbes

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