The Milan-Cortina Winter Olympics, which recently officially started, is expected to boost the Italian economy and generate an estimated €5.3 billion in total economic value. This is the first time the Italian Winter Games have taken place since Turin hosted the event twenty years ago.
A report from Banca Ifis states that the total economic impact of the Games is expected to be €5.3 billion. Of the total, €1.1 billion is expected to come from expenditure by tourists and staff during the event. Furthermore, an additional €1.2 billion is expected in the next 12 to 18 months as a result of continued tourism.
The remaining €3 billion is attributed to framework and legacy investments, and organizers expect around 2.5 million spectators over the course of the Games. Meanwhile, hotels, transport and service providers in Milan and Cortina are reporting increased demand, with real-time booking data showing growth not only in conventional winter hubs, but also in cities such as Verona and Venice.
The tourism sector acts as a strong pillar of the Italian economy and Chloe Parkins, chief economist at Oxford Economics, said: “The economic and tourism impact is generally smaller for the Winter Games than for the summer event.”
“By 2024, approximately 10 to 12 million tickets had been sold out, approximately five times the expected number for Milano-Cortina.” he further added.
Visa cardholders’ flight and accommodation data indicate a 160% increase in arrivals from abroad to northern Italy during the core Games period. It is clear that international interest is high and many travelers are keen to attend at least one event.
In line with new regulations, municipalities within 30 kilometers of Olympic venues are authorized to increase tourist taxes in 2026, with 50% of revenue allocated to the central government. In return, tourists will benefit from an improved transportation system and improved public spaces that will continue to serve the region long after the Olympic flame has gone out.
