With costs around $15 billion, the FIFA World Cup 2018, currently held in Russia, is the costliest ever held.
Stadiums in Russia have been renovated at a cost of near $3 billion, and $8 billion has been spent on infrastructure— which include new roads, railroads, and airports, reports Voice of America.
This has led experts to question whether there will be a good return for the Russian taxpayer.
Professor Leonid Grigoryev, an economist at the Analytical Centre for the Government of the Russian Federation, says that the cost is necessary because it “makes everyone happy”. He goes on to say that exact economic efficiency cannot be defined—as done in American quarterly financial reports.
Russia’s huge investment in the world cup is aimed at improving its national image. Sanctions and international restrictions were put in place over Russia’s activities in Ukraine and the annexation of Crimea in 2014.
On the opening day of the tournament, the government announced an increase in the retirement age, from 60 to 65 for men, and a much bigger jump for women, from 55 to 63.
Russia said the world cup is partly a gift for its young people. There is talk of unforgettable memories and new buildings. The tournament ends on July 15, but its value will be measured over the coming years.