People from all around the world are uniting over the soccer matches taking place in Rio de Janeiro, Brazil right now. Crowds erupted when Chile beat Spain just days ago. Maracana Stadium thundered with tens of thousands of people, and it thunders still today. And people from all over, from Europe to Latin America to Africa, have come together to celebrate the sport of soccer. People from Rio de Janeiro and all over Brazil are proud of their city and country, and grateful to be in the international spotlight. That being said, there were and continue to be some hefty costs associated with hosting the World Cup. In this article, you will know how much it actually costs to cost the World Cup.
America’s Day In The Limelight
The United States hosted the World Cup in 1994. There were numerous spin-off factors that actually brought a lot of money into the Los Angeles area and the nation at large. One major factor was that in order to host a World Cup, there must be a national soccer league. So therefore, Major League Soccer was created. It has been documented that this decision brought millions of dollars into the U.S. economy. And, there was a total profit of 623 million dollars from the 1994 World Cup. Nevertheless, one prominent journalist argued that the World Cup cost at least $5.6 billion, and possibly as much as $9 billion — not something you can pay off by cashing out your money mutual funds.
The Cost Of The 2014 World Cup In Brazil
In Brazil, the country went through considerable costs to upgrade their facilities to be ready for the World Cup. While the estimated price was once only $1 billion, that number grew to around $3.5 billion in order to build and fix stadiums to be ready for all the crowds and soccer matches. Bloomberg actually estimates a total cost of $14.5 billion for the World Cup this year!
That being said, there are so many benefits to hosting the World Cup. The World Cup may create as many as 3.6 million temporary jobs in Brazil. And hosting the World Cup brings Brazil squarely to the center of the world stage. With Brazil also hosting the Olympics in 2016, it looks like Brazil has decided that the cost of hosting the World Cup is worth it in order to show the world that Brazil is a world-class country just like in North America, Europe, or East Asia.