The Rio Olympics Are $1.6 Billion Over Budget

‘Seemingly every day breeds a new reason for concern over next month’s Olympic Games in Rio de Janeiro, but the most recent installment is unique in its broader implications and not endemic to Brazil.
Rio may be the first Olympic host with antibiotic-resistant bacteria in the water, severed body parts washing ashore, infrastructure either collapsing or desperately lagging behind schedule, venues that may not be completed in time, a president who has been impeached, a state having declared a financial state of emergency, unpaid police officers holding “Welcome to Hell” banners in the airport, and rampant concern about Zika virus infection. (Wait, did I miss any? I probably missed one. The author apologizes.)
These Summer Games are not, however, the first to incur horrendous cost overruns: $1.6 billion, as estimated by three professors in the University of Oxford’s Said Business School. No wonder Rio is having trouble paying emergency personnel.’
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