Here you can see the cost of the transport (£894m), venues (£1,051m), security for park construction (£228m) and the media centre and village (£1,230m). There is a finer breakdown of spending in the second report (which is also included on this page for you to explore). The project transformed Stratford (a run-down area of east London) into a 2.5 km2 Olympic Park with facilities that include an athletics stadium, an aquatics centre, a velodrome and a BMX track. The Olympic athletes village was converted to a new housing. The London Olympic and Paralympic Games was a ‘mega project’ that involved around 80,000 people just on the construction alone. After the 2012 Games, London converted the East Village housing units used for athletes into 3,000 new homes. So it makes sense that they would attempt to re-purpose the Olympic Villages. On the other hand, the bridges and highways cost £12m more than expected in 2011.Įxploring the data, you will see the first report shows the overall public sector funding package (PSFP) for the Games - it came in at £9.298bn which is exactly as esimated in 2011. Urban Regeneration is the whole sale improvement of the buildings and infrastructure of an area. Once the Olympic Games are over, host cities around the globe face exorbitant bills for venues and housing units that are no longer needed. The security for the park was the item most under budget - at £10m less than expected in 2011.
![london olympic village cost london olympic village cost](https://images.theconversation.com/files/13057/original/rt43xnyq-1342492922.jpg)
After 62 million hours of work, London 2012 was the. The overall price tag of hosting the Games was 13.2 billion, according to the federal agency for Olympic legacy (AGLO), which is lower than the 14.3 billion spent on hosting London's Olympic. The Stratford Stadium’s four-year build was a massive project with more than 12,000 involved. Here's a chart of the extent of the budget changes between December 2011 and March 2012: Hover over the bars to see the type and amount of under or overspending. A lesson on safety from the London Olympics.
![london olympic village cost london olympic village cost](https://placesjournal.org/assets/legacy/media/images/gade-olympic-villages-homepage_525.jpg)
We've extracted the costs from the report and added them to a Google Spreadsheet so you can explore the estimates. The costs have been estimated at various stages during the development but now, with 44 days to go, the costs are becoming more realistic.
![london olympic village cost london olympic village cost](https://www.telegraph.co.uk/multimedia/archive/01970/oly-vil_1970496c.jpg)
The games set back Sochi 51 billion, London. In the six years of planning and construction the Olympic Delivery Authority (ODA) has built the Olympic park with venues and green spaces, improved transport links and added security. the Olympics to your country, whether in summer or winter, is a costly business. The latest report on the cost of the Olympics 2012 infrastructure is out today.