In 2016, Rio Olympics was considered as one of the most expensive Summer Games till now. By 2018, it is estimated that the total costing is around $20 billion which is far beyond the Rio organizing committee’s initial estimate of around $2.8billion.
However, the cities incurring cost overruns while hosting the Olympics is not unique to Rio which is more expensive. There are many athletes, competitions and events which need lots of specialized facilities. Notably, the winter games stay within their expenses estimated threshold with minimal overrun costs. In 2014 Sochi Games were basically an outlier with the estimate peaking $40 billion and the expense winding to $51 billion
Well, with the growing concern, many cities have now withdrawn their 2022 Winter Olympic bids in 2014 that is citing the potential costs. In 2020 International Olympic Committee has faced several challenges regarding the hosting of the 2020 Tokyo Games as the Covid-19 pandemic has crippled economies globally.