Research has shown that major sports competition can lead to a considerable economic development in the years following the event. For example, after the Summer Olympics in Barcelona in 1992, there was a significant impact on tourist traffic, with the number of tourists visiting the city doubling to 3.5 million eight years later; a benefit referred to as the “Barcelona effect”.
As Euro 2012 got underway in the midst of a European economic crisis, the focus on economic benefits was as relevant as any action on the football field. For the two host countries, Poland and Ukraine, staging the European championship is more than the football, since it has already given both countries an economic boost, which their Governments hope will be long-term. Research firm Capital Economics has reported that preparation for the tournament has already boosted GDP growth for both countries by 1.3% and 1.7% respectively. However, it is worth noting that the last two winners of the competition – Spain four years ago and Greece in 2008 – are now in dire economic straits. This year’s victor must be hoping there is no connection.
