As Paris 2024 begins, a look at the legacy of Rio 2016 in Brazil

The most notable legacy of the 2016 Olympics might be the revitalization of parts of the city

The post As Paris 2024 begins, a look at the legacy of Rio 2016 in Brazil appeared first on The Brazilian Report.

When Rio de Janeiro was selected to host the 2016 Olympics, many frowned upon the prospect of the government pouring dozens of billions of dollars into building sporting venues that could rapidly turn into white elephants. 

The argument officials gave to convince Brazilians that hosting the Olympics (and the World Cup in 2014) was good business revolved around the legacy the event would leave behind. Eight years later, we ask: what was that legacy?

A study by Oxford economists Alexander Budzier and Bent Flyvbjerg showed that the Rio Olympics cost USD 23.6 billion, trailing only the 2014 Sochi Winter Games as the most expensive in history. While the Olympics have never come in under budget, the costs for the Rio Games went over estimations like no other edition in history, by a whopping 352 percent.

But, according to a new study by think tank Fundação Getulio Vargas, the math adds up. Researchers pointed out that a big chunk of the bill was footed by private initiatives, reducing the impacts on the public purse. Moreover, it mentions “positive impacts across all analyzed economic variables.”

The study asserts that while the majority of the impact was felt during or immediately after the games, the effects are still reverberating across Rio’s economy. Researchers say the 2016 Games generated BRL 99 billion (USD 17.5 billion) in gross production value for the host city — with more than 465,400 jobs created in connection with the Olympics. Household income was boosted by BRL 36.2 billion.

“The Olympic Games left a lasting legacy on Rio de Janeiro’s infrastructure, services, transportation, environment, education, and sports,” write the group of eight researchers. 

The most notable legacy of the 2016 Olympics might be the revitalization of parts of the city. In a beautification effort, Rio de Janeiro transformed its long-neglected port area into a strategic center for business, culture, and leisure that still draws thousands of tourists daily. Moreover, multiple infrastructure ventures were completed.

There were, however, many shortcomings. For instance, the goal of depolluting the iconic Guanabara Bay remains unfulfilled eight years later. As a matter of fact, experts believe that water quality has worsened in the years since the bay saw sailing, rowing, swimming, and canoeing competitions. 

When Rio hosted the Olympics, Eduardo Paes was the city’s mayor. Mr. Paes returned to his former office in 2021 after a four-year hiatus (he could not run for a third straight term in 2016) and has resumed part of the initiatives meant to have stemmed from the Games — such as public schools and sporting venues.

After inflation and considering the current exchange rate, the Rio Games raised over EUR 27 billion, more than double what is expected from Paris 2024.

The post As Paris 2024 begins, a look at the legacy of Rio 2016 in Brazil appeared first on The Brazilian Report.