One year to go until the Winter Olympics, and the debate is already hot. Will it be a flop or a success? Here’s how to objectively measure their results beyond biases
The organization of a major event may reveal a valuable development opportunity or a prelude to financial disaster. It depends. In the case of the Olympics, we have positive examples like Barcelona 1992, where the city was revitalized by the Games, but also the disaster of Athens 2004, whose failure accelerated Greece’s economic collapse. The many historical failures have even led to the coining of the term “winner’s curse,” referring to cases where the success of a bid turns into a financial and social disaster. Milano-Cortina 2026 has already divided public opinion between optimists who foresee a boost similar to Expo 2015 and those who fear impending misfortune. How can we reach an objective assessment, uninfluenced by biases and political leanings? There are well-established pillars on which to build an objective evaluation of the event and its legacy.
Here are the five challenges that Milano-Cortina 2026 must prepare to overcome to leave a positive mark in history:
1) Economic Aspects: The Financials of the Games
This is the main criterion for judgment, as Olympic history is full of budget overruns. However, it is neither a comprehensive nor an easy metric to calculate. Firstly, two types of economic effects must be distinguished: direct (strictly linked to the event, such as ticket revenues) and indirect (collateral or delayed impacts). Among these, employment is crucial: the usual increase related to major events must be carefully examined, considering the nature of new contracts, which are often temporary, precarious, or poorly paid. It is also essential to distinguish between private and public investments and analyze their ROI: while spending on revenue-generating structures is productive, the flip side includes “white elephants” like those from the 1990 FIFA World Cup in Italy and the 2014 World Cup in Brazil.
EXPECTATIONS FOR MILANO-CORTINA 2026 ARE HIGH
Ca’ Foscari University predicts a direct impact of over a billion euros (including expenses and investments) and about 14,000 jobs created. However, numbers alone do not tell the whole story, and even strict compliance with the IOC’s guidelines is not enough. Reporting must outline the overall legacy of the event with a compelling, engaging, and distinctive narrative. With its solid expertise in corporate communication, Lundquist specializes in helping companies effectively represent their material and immaterial results. Find more information in our portfolio of activities.
Cost Overruns of the Winter Olympics
2) Sustainability Strategy and the Key to Success
The complexity of the above topics highlights the need for a strategy that extends beyond the event itself. For example, in Paris 2024, the direct economic impact of visitors during the Games was around 3 billion euros, but the increased appeal of Île-de-France is expected to generate positive effects for the next decade. Tourism is a crucial factor in major events, but in a country like Italy—already highly attractive—it must be carefully evaluated: additional visitor inflows are a clear benefit, but internal travel shifts by those who would have vacationed in Italy anyway are not. The final outcome of a cost-benefit analysis thus depends significantly on the measurement tools used and the scale (local, macro-regional, or national) applied. There is also a major sustainability issue inherent in winter sports themselves, which we explored in depth in Beyond the Hype, Issue 3.
INFRASTRUCTURAL LEGACY
An interesting example is Turin 2006, whose lasting contributions include the driverless metro and highways. For Milano-Cortina, this is one of the main concerns raised by critics fearing overdevelopment and gentrification. The Organizing Committee has implemented a sustainability program covering climate change, circular economy, and social inclusion and has published the “Sustainability, Impact, and Legacy Report,” which will be updated over time. Although drafted voluntarily, the report follows the Global Reporting Initiative (GRI) guidelines. As reporting standards evolve, documents risk becoming homogenized, making a tailored approach essential, something Lundquist has always provided to its partners.
3) Champions of Inclusion
We’re not just talking about the Olympics, but also the Paralympics, which debuted in Rome 1960 and have been paired also with the Winter Games since 1976. The Milano-Cortina Paralympics, scheduled for March 6-15, will be an extraordinary driver of inclusion, culturally demonstrating how people with disabilities face daily challenges—just like any other athlete striving for continuous improvement!
HEROES AND CONCRETE PLANS
While inspiring sports stories are extremely valuable, true inclusion must go further. Equally important—if not more so—is the ability of the host city to provide safe and comfortable accommodations for the many disabled and vulnerable individuals arriving for the event. This issue touches on urban planning as well as sports facility accessibility, which we covered in Beyond the Hype, Issue 2. It is a crucial element in DE&I strategies, explored in our specific research.
4) The Long Game for Gender Equality
A necessary premise: addressing the gender gap is a priority for many companies, for valid reasons such as the persistent disparities and growing social awareness. Sometimes, this commendable effort can overshadow other sustainability aspects (such as environmental and governance issues), making it a consultant’s role to help businesses balance their approach. In sports, the landscape is very different, and the road ahead remains long. The gap exists both culturally and economically: despite increasing interest in women’s competitions, there is still a significant disparity in earnings between female and male athletes, even in the same sport.
RAISING THE BAR
Paris 2024 was the first Olympic Games in history to feature gender-equal participation, and Milano-Cortina 2026 is expected to set a new record for female athletes at the Winter Olympics. Ensuring continuity in this progress is crucial for market expectations—from fans to commercial stakeholders. This is evident even in a traditional sport like football: the sustainability strategy that Lundquist developed with UEFA highlights women’s football promotion as one of its pillars.
5) When Human Rights Are at Stake
Human Rights are a major issue for public opinion and, consequently, corporate reputation. Entire industries are adapting with dedicated strategies. Sports cannot be an exception, and a major event like the Olympics presents multiple areas of concern. The rights of local residents—key stakeholders who are often openly critical—must be protected. Equally important are labor rights, spanning from safety to job security. The host cities will be overcrowded, making it challenging to uphold residents’ rights. Moreover, oversight must extend beyond local matters to monitor the entire value chain linked to the event.
ATHLETE RIGHTS ALSO REQUIRE ATTENTION
This is crucial, especially in disciplines where minors compete: the 2024 Safeguarding regulation mandates all sports federations to establish guidelines against abuse. We supported FIGC in this specific journey as part of developing the first sustainability strategy for Italian football. A proper approach to human rights must include a multi-level operational plan supported by effective communication and advocacy strategies, as demonstrated by Lundquist’s work on Human Rights.
