The Olympic Occurrence

Written by Rhian Campbell, Broadcast Coordinator at Globelynx

Mount Olympus, the highest Mountain in Greece. The Pantheon sits on top of the mountain and was once said to be home to all of the Gods and Goddesses. In Ancient Greece, citizens would travel to Olympus for a religious celebration where the games would take place in honour of God Zeus. As the years went by it has evolved into a much bigger event, with countries from all over the world over a vast number of different disciplines.

The Olympics are a staple event in the sports calendar, but some have captured the imagination more than others. From doping scandals, broken bones and murders but also triumphs and joy. The President of the International Olympics Committee, Thomas Bach stated:

“The Olympic Games today are the only event in our world which manages to really bring the entire world together. Athletes come to the Olympic Games respecting the same rules, all being equal, without any discrimination.”

2012 may seem like a century ago. However, not that long ago the London Olympic games were held in Stratford, East London. The opening ceremony was created and directed by Multi-Award-winning Danny Boyle, who earned another award for his direction of the opening ceremony. The four-hour show was watched by 22.4m. In the build up to the Olympic games, our current prime minister Boris Johnson had famously found himself stuck on a zipwire – a stark contrast to the issues he faces today.

The overall cost for the Olympics ended up being under the budget by 528 million, as well as an injection of cashflow into the economy with visitors and athletes (this estimated amount was calculated by the UK Trade and Investment department at about £9.9 Billion).

But do the Olympics actually benefit the country they’re being held in? Victoria Scholar, a Market Analyst from IG, one of Globelynx’s top experts was able to provide her expertise on the subject:

“It is largely assumed that hosting the Olympics provides a major economic tailwind for the city and country in question thanks to increased tourist spending and foreign investment. However, this is not always the case. The cost from bidding to execution of the Games is extremely high, often landing the host city in debt. The Beijing Olympics for example cost $42 billion in 2008 and some reports say the Tokyo Olympics could cost around $15 billion. According to the Nomura Research Institute, the lack of domestic spectators will cost the Japanese economy around $1.3 billion.”

In a time where there is still so much disarray and compromises, will the Olympic games bring us together to support our nations or will they turn into another thing lost within the pandemic?

Only time will tell.

Do you have the passion for the Olympics? Are you a Lord of the Rings? Do you know the difference between a Cheater and a Chettah? Who is right, Will E Winnit or H E Juanit? If you would like to become one of our experts like Victoria Scholar, please fill in this form.