Financial Windfall from European Championship 2024 in Berlin: Estimated Profit of over a Billion Euros
The 2024 UEFA European Football Championship, held across ten German cities, has proven to be a significant boon for the host cities, particularly Berlin. The final evaluation of the tournament's overall impact is expected next year, but preliminary analysis by the Federal Ministry of the Interior shows promising results.
Berlin, home to the modern event arena, the Olympic Stadium, has emerged as the city with the highest value creation during the tournament. According to the preliminary analysis, Berlin achieved a value creation of over one billion euros, with the DFB-Pokal final in the Olympic Stadium bringing approximately 50 million euros alone.
The Berlin Marathon, another significant event in the city, generates value creation between 380 and 400 million euros annually. This year, it held the title of the largest marathon event worldwide with over 58,000 participants.
Prior to the EURO 2024, there were discussions in the capital about the costs incurred by the Berlin Senate for hosting and organizing the tournament. However, concerns about the tournament not generating significant additional income for host cities, especially in Berlin, have not been confirmed. In fact, the Berlin Senate's investment in hosting the EURO 2024 has paid off, as reported by RBB.
The city invested 84 million euros in preparing for the tournament, which included setting up fan zones at the Brandenburg Gate and the Reichstag, as well as modernizing the Olympic Stadium and other areas of the Olympic Park. Cultural events were held throughout the city during the four-week tournament, adding to the city's vibrant atmosphere.
The city of Berlin is not new to hosting major sporting events. The Berlin Olympic Stadium has hosted the DFB Pokal final for 39 times. Moreover, the city is aiming to bid for the Olympic Games in 2040, further solidifying its status as a global sports hub.
The Special Olympics World Games 2023 opening ceremony also took place in the Berlin Olympic Stadium, with the Special Olympics last year resulting in value creation in the lower three-digit million range for Berlin.
Despite concerns about UEFA's significant profits from catering and merchandising stands around the stadiums, the city of Berlin has demonstrated that hosting major events can be a lucrative venture. The final evaluation next year is expected to provide a comprehensive picture of the tournament's impact on all host cities.
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