Italy Aims for Economic Boost Through Milano Cortina 2026 Olympics

Economic Impact of the Milano Cortina Olympics

By Giselda Vagnoni

Investment Overview

ROME, Jan 21 (Reuters) - Italy hopes to receive a "healthy dose of doping" for its economy from investments linked to the Milano Cortina 2026 Winter Olympics, arguing that major events can accelerate long‑delayed infrastructure projects.

Visitor Expectations

Speaking at an event on the Games in Rome on Wednesday, Economy Minister Giancarlo Giorgetti said resources earmarked for Olympic works could help lift the national economy as Italy prepares for the opening ceremony next month.

Infrastructure Challenges

"My little hope is that we get a helping hand, a bit of 'healthy doping' for the country's growth," Giorgetti said, referring to the multiplier effect that Olympic investments—especially in transport links—can have on the economy.

Italy's economy is losing traction after growing 0.7% in 2024. Growth is targeted to have eased to around 0.5% in 2025 before recovering modestly in 2026, when GDP is seen expanding by 0.7%, with domestic demand expected to remain the main driver as exports struggle amid weak global trade.

France, which hosted the 2024 Summer Games, saw only a marginal boost to GDP. The country's Court of Auditors estimated the Olympics lifted economic growth by just 0.07 percentage point in 2024.

"Big events are an opportunity for major mobilisation on infrastructure," Giorgetti added.

"They are also an excuse to address problems that otherwise would not be tackled with the speed that is required, and that allow us to achieve results."

'WHAT SEEMED IMPOSSIBLE HAS BECOME REALITY'

Around 3,500 athletes will gather in Italy for the Winter Games, split between two main hubs—Milan and Cortina d'Ampezzo —from February 6–22, with additional events held in other locations across northern Italy.

The government expects 2 million visitors and a global audience of more than 3 billion, predicting lasting economic benefits for local communities through tourism and improved transport links.

"The total investment amounted to 3.5 billion euros ($4.1 billion), but according to several studies revenues will exceed 5.3 billion," Transport Minister Matteo Salvini said at the same event at Rome's MAXXI museum.

Milano Cortina is currently budgeted at 5.2 billion euros overall, comprising 3.5 billion euros of public money for infrastructure, and 1.7 billion euros in private funds to organise and hold the Games.

   Italy has faced scrutiny over delays and cost overruns on several key Olympic projects, including the controversial sliding track in Cortina d'Ampezzo. But Salvini said all major works are now on schedule and will deliver long‑term advantages. 

"What seemed impossible until recently has become reality," he said.

Officials at the event also dismissed concerns from Alpine communities that the global spotlight could intensify overtourism.

"This is part of the debate. The issue exists, but it must be addressed without ideology, and we believe we know how to manage it," said  Maurizio Fugatti, president of the autonomous province of Trento, one of the five areas hosting Olympic events.($1 = 0.8526 euros)

(Reporting by Giselda VagnoniEditing by Keith Weir)