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Since the modern Olympic Games were revived in 1896, no city has ever hosted swimming events in an urban river. Too poopy. But Paris, as we talked about, hopes to be the first. Starting on July 30, the Seine is scheduled to host the swimming portion of the triathlon competitions.
Except, it will depend on water quality. Today's training sessions (scheduled for Sunday, July 28) were cancelled because water tests showed that the Seine is currently below acceptable standards. This is due to heavy rain over the last few days, which I guess overloaded the city's storm network.
So what is clear is that -- 36 years after then-Mayor Jacques Chirac first promised to clean up the river -- the city has only been able to successfully achieve this, sometimes. It's not an easy task.
According to Bloomberg, the clean-up efforts have already cost €1.4 billion. This was spent on doing things like constructing a 50,000 m3 holding basin (about the size of 12 Olympic-sized pools) under the Gare D'Austerlitz. This now holds storm overflow during heavy rain events, in lieu of it going into the Seine.
But this doesn't provide any guarantees as evidenced by today's cancelled training sessions. Presumably, it just makes it less likely for overflow stormwater to get dumped into the Seine. So a cynic might ask: Why bother with all of this?
Well, for one thing, swimming in a river in the middle of a major global city is just plain cool. Look at how the Swiss do it. But another reason could be that you want to create one of the greenest cities on the planet. And if that's the case, then seeing athletes swimming in the Seine is a pretty powerful image.
It shows progress.
There are many reasons why one might want to host the Olympics. Brand building is certainly one. Making some kind of profit is another. But the direct economic benefits aren't always clear. Embedded above are two recent charts from the WSJ outlining 1) the cost of the Olympic Games over the years (the exact numbers are likely debatable) and 2) some of the overruns that host cities have seen. Montreal stands out as an unfortunate outlier with cost overruns exceeding 700%. And Tokyo stands out as being the most expensive games ever. As I understand it, the economics are challenging in the best of times. So one can only imagine what kind of dent the Tokyo Olympics might leave behind.
I have argued before that hosting major events, such as the Olympics, can serve as a catalyst for completing meaningful public projects. But there is also an argument to be made that it’s not entirely worth it. The economic legacy is weak. The ROI simply isn’t there.
Recently Harvard Business Review interviewed a gentleman named Chris Dempsey. Dempsey was a former Bain & Company consultant and the cofounder of the No Boston Olympics organization. He played a big part in Boston withdrawing their bid to host the 2024 Summer Games. Los Angeles ending up taking its place.
His rationale is as follows.
The International Olympic Committee was founded on June 23, 1894 by a Frenchman by the name of Pierre de Coubertin. At the time of its creation, the World’s Fair had already pioneered the rotational model of traveling to different cities.
The most famous of these exhibitions was arguably “The Great Exhibition” held in London in 1851. Indeed, the plate-glass Crystal Palace structure which actually hosted the event was later seen as an important turning point in the history of architecture. It was designed by Joseph Paxton, who was an English gardener and architect.
Of course, the world was a different place at the end of the 19th century.
The events weren’t being broadcasted around the world in HD. We didn’t have social media. And transportation costs were high (economist Edward Glaeser reminds us of this in the talk I posted yesterday). So rather than ask people to spend weeks traveling the world by boat, it was decided that the show should travel to them. It should rotate places.
This made sense then, but does it make sense now? I would love to hear your thoughts on this in the comment section below.
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