London - The latest British government report has the London games on target to cost $14.5 billion of public sector money. However, a recent parliamentary committee warned the full cost of the games could amount to $17 billion and sceptics believe it could even be higher.
The 2012 London Olympic Gmes will be the world's most-watched sporting festival. .
Estimates for the Athens 2004 Games were more than $10 billion; Barcelona in 1994 was $11.8 billion; and Sydney, seen as one of the most successful games, came in at a relatively cheap $3 billion.
The scale of the security operation for London 2012 is quite staggering as it will be the largest peacetime security operation in the United Kingdom since World War II. The security budget for the games has now increased to $860 million and 18,200 members of the armed forces are being deployed to help with security.
Will the Games legacy benefit the East London community or the business community or will it be just another financial burden imposed on the tax payer?
A report by the credit card company VISA predicts an increase in consumer spending of $1.2 billion during the games and an estimated $8 billion stimulus to the British economy over three years.
David Cameron, the British prime minister goes further, saying that the London Games will generate over $20 billion. How? We just have to wait and see.
Creating a legacy in London's East End was central to London's successful bid back in 2005 to host the Olympic Games. It offered hope that the games would finally regenerate this neglected area of the British capital and benefit the business community and more importantly a new generation of athletes.
