Switzerland expects high returns
14/05/2007 |
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UEFA EURO 2008? will generate additional revenues of between EUROS 700m and EUROS 900m for Switzerland, according to a study for the country's federal office for sport.
Public viewing areas
An initial estimate in 2004 forecast that revenues would be only half that figure. Subsequently, though, several factors have altered the financial landscape considerably, not least the public viewing areas that proved so successful at the FIFA World Cup in Germany.
Swiss pilgrimage
The study, conducted by social and economic research company Rütter + Partner, predicts that up to 5.4 million foreign spectators will flock to Switzerland to watch UEFA EURO 2008? in the stadiums and public viewing areas. It anticipates that foreign visitors alone will spend a total of between EUROS 100m and EUROS 140m during their stay in the host country.
Sectors to gain
Among the sectors to directly benefit from the tournament, such as the core hotel and tourism industries, the construction business will profit along with food and drink, advertising, media and culture. Additionally, the state and local coffers will be swelled by an increase in tax revenues. The study also claims that the federal and cantonal governments in Switzerland will, by and large, be able to refinance their investments.
Biggest ever
Aymo Brunetti, state secretary for the economy, explained that the economic potential of UEFA EURO 2008? could not be underestimated and that there were many unquantifiable benefits to take into consideration, such as the boost to Switzerland's image. With a value-added impact on the economy amounting to between EUROS 400m and EUROS 500m, the championship will be by far the biggest sporting event ever in Switzerland. It is destined to create, both directly and indirectly, between 5,290 and 7,350 jobs.
(Source@ ?uefa.com 1998-2007. All rights reserved)
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