The Milan-Cortina Winter Olympics stand as the most significant sporting event hosted by Italy in the past two decades. The Games are projected to generate an overall economic impact of approximately five billion euros, with one billion specifically attributed to tourism in the eighteen months following the event.
A Critical Juncture for Milan’s Future
It is the responsibility of Milan’s political leadership to strategically direct these investments, the media spotlight, and the city’s resources to ensure the Olympics contribute to a renewed impetus and a significant step forward for Milan. This comes after a turbulent political phase with outcomes that remain uncertain. To fully leverage the medium to long-term development opportunities presented by the Games, the metropolitan administration must establish a high-level steering committee capable of transforming a temporary surge of attention and investment into a lasting virtuous cycle.
In recent years, the metropolitan area has demonstrated an above-average capacity to attract private capital, accounting for approximately 25% of foreign direct investment projects in Italy. The organization of the Olympics has positioned Milan at the center of a multi-level network, comprising sports federations, businesses, and local authorities, within a context where sport and business are increasingly intertwined. The multi-functional facilities are the most visible element of this transformation. From the Olympic Village in the Porta Romana railway yard to the Santa Giulia Arena, the investment in tangible infrastructure is destined to produce effects that extend beyond the simple hosting of the event. From this perspective, the challenge for Milanese politics is not merely construction but effective management. The experience of Turin 2006 highlights how long-term success depends on the ability to convert Olympic sites into permanent structures, thereby averting the risk of ‘white elephants’ or ‘cathedrals in the desert.’
Crafting a Unified City Branding Strategy
Firstly, building on the Olympic and Paralympic Games, Milan’s administration must define a unified city branding strategy. This strategy should involve the Metropolitan City, the Chamber of Commerce, sports federations, and private operators, mirroring the ‘Sport Metropole’ model of Berlin. The objective must be the creation of a clear and recognizable identity, in continuity with the international image already enhanced by Expo 2015. This would allow Milan to utilize the Olympic package of infrastructure, organizational expertise, and relational capital as a foundation for bidding to host finals and major tournaments over a timeframe of at least ten years.
Establishing a Stable Calendar of International Events
Secondly, it is advisable to structure a stable calendar of events, tentatively named ‘Milan Sport Series,’ aimed at attracting stages of international circuits. This could range from the ATP tennis tour to the European Golf Tour, including events linked to the Formula 1 Grand Prix in Monza, and those related to sport-business. A format of this kind would transform Milan into a constant reference point on the European calendar, bringing it closer to the models of London and Paris. From an economic perspective, a portfolio of internationally significant events would generate estimated returns in the order of hundreds of millions of euros from hotel stays, consumption, sponsorships, and media rights, solidifying the city as a permanent laboratory for innovations linked to sport and entertainment.
Maximizing the Long-Term Value of Olympic Heritage
Furthermore, the long-term valorization of the Olympic heritage is essential. The Santa Giulia Arena, the Assago Forum, the Rho Ice Hockey Arena, the Fiera pavilions, and historical structures slated for requalification should be part of a coordinated network to create a metropolitan sports and entertainment district. This district should be supported by continuous monitoring tools, such as facility utilization rates, indicators of generated employment, and contributions to local GDP, to optimize flows and investments.
Crucial to all of this is the sport-business sector, which in a city like Milan presents considerable potential. The Milanese area already accounts for an estimated 30 to 35 percent of the national turnover of companies active in advanced sports services, including media, marketing, and technology. The Olympic legacy can strengthen this ecosystem in three directions: innovation in monetization models, following the example of major American events (e.g., through premium content, with potential revenue increases per event in the order of 10-15 percent); the development of services capable of generating new qualified employment, such as experiential marketing and fan engagement; and the attraction of investments in sports startups and collaboration between universities and sports federations, with the aim of positioning Milan as a hub for sports innovation and sport-business in Southern Europe.
A Call for Long-Term Urban Policy
The Milan-Cortina Olympics must not remain an isolated event. Their legacy can transform into a permanent engine of value, capable of combining economic growth, capital attraction, and the strategic repositioning of Milan on the international maps of sport and investment. The challenge for local institutions is to fully seize this opportunity and translate it into a long-term urban policy, measurable in its results and not limited to the rhetoric of the event. Will Milan rise to the occasion and secure a perpetual flame for its future, or will the Olympic glow fade into a missed opportunity?
