Winter Olympics cost significantly more than expected after ‘difficult’ challenges, CEO admits

The Milano Cortina 2026 Olympics have been delivered largely as planned, despite facing significant budget overruns and near-impossible deadlines, the Games’ CEO Andrea Varnier confirmed on Tuesday.

Organisers are still racing to finalise some venues ahead of Friday’s opening ceremony, having contended with intense pressure and escalating costs.

The initial budget for staging the Games, estimated at around $1.3 billion, has now surged to more than 1.7 billion. This figure is compounded by other associated infrastructure costs, which include an additional $3.5 billion in public funds.

Addressing the International Olympic Committee session in his final progress report before the Games commence, Mr Varnier stated: "This journey has proven to be even more arduous than initially imagined, with challenges and difficulties, some expected and some unexpected and probably unnecessary."

He further acknowledged the financial strain, adding: "The financial situation of our organising committee has been extremely difficult throughout the years. We must, however, acknowledge that the Games cost more than initially foreseen in the candidature budget."

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Mr Varnier conceded that the final event might not meet all original expectations, adding: "You will not find in these Games everything you might have expected or everything we originally wanted to have."

A major point of contention arose midway through preparations when organisers opted to construct a new, multi-million dollar sliding centre in Cortina, despite the original bid featuring several existing or temporary venues.

This decision faced vehement opposition from the IOC, which advocated for the use of an existing facility, even suggesting options in neighbouring countries such as Austria, Switzerland, France, or Germany. The new centre was built under the tightest of deadlines.

Organisers have also been working against the clock to complete the Santagiulia ice hockey stadium, which only underwent testing in January.

Reflecting on the immense pressure, Mr Varnier remarked: "There are moments when an organising committee must operate under emergency conditions and the Milano Cortina Games were certainly one of those cases.

“With extremely tight deadlines... we worked under constant pressure coming from all sides."

He highlighted the sliding centre and ice hockey arena as particularly demanding challenges, noting they were "delivered literally to the organising committee at the final breath at the very edge of every available deadline."

Despite the hurdles, Mr Varnier expressed optimism, concluding: "Nevertheless both venues will be outstanding for the Games and we hope they will remain as tangible legacies for the communities."