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Fitch: Euro 2012 set to cost €27 bln

The rating agency Fitch estimates that hosting the Euro 2012 football championships will set Poland back €27 billion (about $40 billion).

The agency’s calculations take into account both the construction of new stadiums for matches as well as investments in transport infrastructure. Representatives of the previous government argue that the agency’s estimates are too high, even though no official cost estimate for the tournament is in place. According to the government, such an estimate should be ready by the end of 2007.

Fitch reckons that the biggest challenge facing the organizers is bringing old and incomplete road infrastructure up to scratch. In the agency’s opinion, the country’s transport infrastructure needs may require total expenditure of as much as €100 billion. Civic Platform (PO) MPs, who have formed Poland’s new governing coalition with the Polish Peasants’ Party (PSL), regard the agency’s figures as reliable estimates.

The new government is pondering possible changes to the existing law aimed at streamlining the road construction process, since the country’s special Euro 2012 statute does not take such investments into account. PO wants to simplify and shorten administrative procedures, including those dealing with the expropriation and purchasing of land. (polishmarket)