Hamburg's Olympic bid: Researchers expect 10 billion euros in costs

Time has a Interview with Alexander Budzier published, Co-Author of the “The Oxford Olympics study”. The study examined all Olympic Games in the period 1960-2024 in terms of their costs and cost overruns. For all summer games, the study found that budgets in the median, real around 121% have been exceeded. With regard to the Hamburg Games, he notes in the interview that there are greater financial risks for ‘construction or conversion of stadiums, the necessary transport infrastructure, the Olympic village, but also many temporary measures such as road closures or media centres’, i.e. expenditure that the IOC considers to be a matter for the hosts. He concludes that Hamburg is expected to spend €10 billion or more – if inflation is also taken into account. In the interview, it describes cost risks that arise, among other things, from the fixed date and warns against relying on federal funds.

In relation to the year 2026, NOlympia estimates the magnitude of total expenditure to be at least 9 billion, i.e. 3 billion higher than the Senate, and, taking into account inflation for the years 2036, the following also higher. Accordingly, NOlympia assumes an amount to be financed of at least EUR 4-5 billion – while the Senate only states EUR 1.3 billion.

In his Letter to the President of the European Parliament(p.4), the Senator for Finance promises for the preparation of the double budget 2027/2028 “a coherent preparation of all financial effects of the Games”. In the same letter he also mentions that in “extraordinary emergency situations” borrowing, i.e. more debt, is possible (p.3).

Eckart Maudrich, spokesperson for NOlympia-Hamburg:

"It is democratically incomprehensible why voters are presented with a grossly incomplete calculation before the citizenship decision, which lacks billions in cost blocks, while a few months later full financial transparency can be achieved. Politically, over-optimistic assessments of the cost of the games and the omission of large cost blocks at the Olympic Games since 1960 are the norm. Unfortunately, the public communication of the Hamburg Senate fits seamlessly into it.”