The Seoul city government announced on the 25th that hosting the 2036 Summer Olympics would cost 5.083 trillion won. In some instances, hosting the Olympics results in deficits due to the enormous amount of money spent on building stadiums. The Seoul city government plans to reduce expenses by utilizing the stadiums from the 1988 Olympics.
The city conducted a 'pre-feasibility study for the 2036 Seoul Olympics bid' from May to Nov. The total expense for hosting the Olympics was estimated at 5.083 trillion won, while the total benefit was estimated at 4.4707 trillion won. When converted to present value, the expense is 3.0358 trillion won, and the benefit is 3.1284 trillion won. The benefit/expense (B/C) ratio is 1.03, indicating economic feasibility if the ratio exceeds 1.
The city believes the expense for hosting the Olympics would be lower than that of other countries. The Olympic expenses surpassed 10 trillion won for London in 2012 (16.6 trillion won), Rio in 2016 (18.2 trillion won), Tokyo in 2020 (14.8 trillion won), and Paris in 2024 (12.3 trillion won).
The city plans to maximize the use of the Jamsil Sports Complex and Olympic Gymnastics Arena, which were used for the 1988 Olympics. Events like beach volleyball, archery, and skateboarding can be held at Gwanghwamun and the Han River. The city has agreed to jointly utilize major facilities with other regions, such as Incheon (Seonhak Hockey Stadium) and Busan (Suyeong Bay Yacht Center).
According to the city, a survey conducted from Jul. to Aug. with 1,000 participants nationwide (including 500 Seoul residents) revealed that 81.7% were in favor of hosting the Olympics. Among Seoul residents, 85.2% supported it. They cited reasons such as 'enhancing South Korea's national image' (41.3%), 'contributing to national and regional economic development' (40.1%), and 'having a positive impact on the domestic sports sector' (12.4%) for their support.
On the 12th of last month, the city submitted its Olympic bid plan to the Korea Sports Council. The Korea Sports Council plans to visit the Jamsil Main Stadium for on-site inspections and comprehensive evaluation. Seoul Mayor Oh Se-hoon said, 'If the Olympic bid is confirmed, we will focus our efforts on peace and unity with the government, local governments, and the International Olympic Committee (IOC).'