The cost of the 2012 Olympics will be at least £9.3 billion, or $14.5 billion. (1 pound = $1.56)
Originally, money from the private sector was to pay for the games, but as the 2008 financial crisis took hold the Olympic project was bailed out costing the British tax payer £5.9bn.
The latest government report has the cost of the games on target at £9.298bn of public sector funding package. However a recent public accounts committee report warned the full cost of the games could amount to about £11bn.
Let us compare this with 1948. Cost: £70,000, or $280,000. (1 pound = $4)
Something fundamental has changed since 1948 regarding the importance of sports for culture. It is international as never before. It is central as never before. It absorbs a larger share of world economic output than ever before.
For photos of the 1948 Olympics, click the link.