Italy is preparing for an exceptional event that will reshape the tourism and investment landscape of Europe, as the Winter Olympics return to the Alps with the "Milan-Cortina 2026" Games. This event is not merely a global sporting competition, but a massive economic driver and a long-term development strategy for northern Italy, with its impact extending far beyond the ice rinks.
The return of the Olympics: a historical context and an innovative model
Twenty years after Turin hosted the Winter Games in 2006, the Olympic flame returns to Italy, but with a completely different model. The 2026 Games introduce a new concept based on "distributed hosting," where Milan, the financial and fashion capital, shares the Games with the historic mountain resort of Cortina d'Ampezzo, as well as other historic cities like Verona. This geographical distribution is not merely a logistical solution; it is a response to the International Olympic Committee's modern approach, which aims to reduce financial waste and promote sustainability, thus avoiding the financial mistakes of previous Games such as Sochi and Beijing, and even Turin, which suffered from post-Games debt.
Economic impact: The language of numbers and billions
Economic forecasts from reputable financial institutions, including Banca Ifis, indicate that the added economic value of the Games will reach approximately €5.3 billion . This substantial figure goes beyond mere ticket revenue, reflecting a broader economic impact distributed as follows:
- Direct spending: €1.1 billion is expected to be injected during the competition period by visitors and participating teams.
- Investing in infrastructure: Development projects account for the lion's share at around 3 billion euros, ensuring the modernization of transport networks and public facilities that will serve citizens for decades to come.
- Continued tourism momentum: Additional inflows of €1.2 billion are estimated to have effects that will extend a year and a half after the event ends.
Tourism and Investment: Between Expectations and Reality
Although winter sports typically attract fewer visitors than their summer counterparts, Milan-Cortina prioritizes quality over quantity. Early booking data from airlines and credit cards shows a 160% surge in interest in travel to northern Italy. This distributed model minimizes the phenomenon of "tourist displacement" (where regular tourists avoid crowds), allowing visitors to be spread across a wide geographical area that includes Venice and Verona, thus ensuring that the hospitality sector throughout the region benefits.
Financial management and cost control
From a macroeconomic perspective, Italy appears both cautious and optimistic. Standard & Poor's estimates the total cost at between €5.7 and €5.9 billion, a figure considered "balanced" compared to Italy's GDP (0.3%). The heavy reliance on government funding for infrastructure (63%) underscores the country's view of the event as a national development project aimed at connecting industrial cities with mountain tourist areas through a modern transportation network—the true legacy that will remain after the flame is extinguished.
In conclusion, the Milan-Cortina 2026 Games represent a real test of the ability of European countries to organize major events at reasonable costs and with sustainable returns, putting economic and environmental standards before sporting medals.
