The Real Cost of Euro 2012 - Ex Ante versus Post

"Initially, the planned volumes of financing were as follows: allocations from the national budget would be UAH 12.7 bn, from local budgets – UAH 4.7 bn and extra-budgetary sources (i.e. private investments) – UAH 101.2 bn. Later, the entire Targeted Program of Preparations and cost estimates were repeatedly revised.

In the newest version of financing of the country’s preparations for Euro 2012, the government’s proposal is much more impressive – UAH 68 bn in allocations from the national budget and UAH 7.2 bn from local budgets. Moreover, the planned financing from “other sources” was reduced to UAH 72.7 bn. However, while the real expenditures of the state for the period 2008-2010 are known and amount to UAH 18.3 bn (including local budgets), it is virtually impossible to calculate how much private investors actually contributed. In total, the Ukrainian government announced its plans of spending UAH 147.8 bn from all sources over the period 2008-2012."