Seoul is making a low-budget approach towards their bid for 2036 Olympics.
The South Korean captial is expecting a total expenses of 5.08 trillion won, with an estimated economic benefit of 4.47 trillion won to host the Olympics. The cost of hosting Paris 2024 was 12.3 trillion won and the 2020 Tokyo Olympics 14.8 trillion won.
In order to minimise expenses and reduce impact on the environment, the host city plans to use the existing facility instead of constructing new ones, a report in the koreajoongangdaily.joins.com said.
The venues proposed for the 2036 Olympics, include, Gwanghwamun Square in central Seoul for archery and Han River Park for beach volleyball. The sporting facility of its neighbouring cities like Gyeonggi and Incheon will also be used.
Seoul Mayor Oh Se-hoon said the 2036 Olympics will serve as “a historical milestone to showcase Korea’s soft power and vision,” in his Facebook post on Wednesday.
Korea Institute of Sport Science conducted a cost-benefit analysis, last year, for the 2036 Olympics with Seoul scoring 1.03. A score of 1 or higher indicates economic feasibility.
The city will be hosting the quadrennial showpiece event for the first-time since 1988 if the International Olympic Committee (IOC) announces them as the host city in 2026 or 2027.
North Jeolla, meanwhile, will be another region in South Korea bidding to host the event.
Only six countries — the United States, Britain, France, Australia, Greece and Japan — have hosted the Olympics more than once.