The budget for the 2024 Olympic Games in Paris has seen a 10 percent increase due to inflation and increased costs.
After projections indicated a sizeable increase was coming in early December, the Paris 2024 Board of Directors approved the new budget at the Organizing Committee’s meeting in the French capital on Dec. 13.
The budget has jumped up from €3.98 billion ($4.23 billion USD) to €4.38 billion ($4.65 billion USD), a 10 percent increase overall or 5 percent net of inflation.
Inflation in Europe has seen an increase in recent months due to the rising energy prices mainly driven by the Russian invasion of Ukraine.
Along with inflation, the budget has also seen an increase due to greater expenses.
That includes the combined cost of the Opening and Closing Ceremonies for the Olympics and Paralympics rising from €100 million ($105 million USD) to €130 million ($137 million USD), with the Olympic Opening Ceremony planned for the banks of the Seine on July 26 due to account for around €100 million.
Paris 2024 also increased its funding for security and cybersecurity, bringing that total up to €320 million ($337 million USD).
The budget for the Tokyo 2020 Olympic Games was finalized at $5.8 billion USD.
Back in September, French Minister for Sport Amélie Oudéa-Castéra requested Paris 2024 to lower the cost of technical specs for the event due to inflation. In June, Organizing Committee President Tony Estanguet said supply chain delays and inflation had put the budget “at risk.”