Banca Ifis Study Reveals Milano-Cortina 2026 Olympics To Drive €5.3 Billion Economic Impact In Italy

Italy is heading for a €5.3bn Olympic windfall as a new Banca Ifis study reveals exactly how the Milano–Cortina 2026 Winter Games will reshape sport, tourism, business and regional development.

Unveiled yesterday at the Italian Embassy in London, the findings show that the Games will deliver immediate economic activity, sustained tourism growth and long-term value through major infrastructure projects. The event, “Beyond the Game: Sport, Economy and the Road to Milano Cortina 2026”, brought together leaders from the sport, travel, apparel and finance sectors, highlighting the breadth of opportunity emerging around the Games. Speakers included Vicky Gosling, CEO of GB Snowsport, Alessio Cremonese, President of Assosport, and Arianna Colombari, Corporate Communication & Sustainability Director, Tecnica Group.

• €5.3bn total impact, including €1.1bn in immediate spending and €1.2bn in extended tourism revenue.
• €3bn in long-term value created through enhanced venues and major civil infrastructure upgrades.
• Investments include rail and metro modernisation in Lombardy, and inclusive tourism and cultural projects in Veneto.
• The Games are expected to attract 2.5 million spectators, with a global audience of 3 billion.
• With an average stay of over three nights, Italian SMEs stand to benefit from an extended tourism window lasting more than a year beyond the Games.
• 50% of UK adults say they plan to follow Milano–Cortina 2026.
• 37% intend to follow the Paralympics.
• 86% support the UK hosting major sports events, recognising the economic and social benefits.

These findings and more were discussed on Tuesday 2nd December 2025 at the Italian Embassy in London during an event entitled “Beyond the Game: Sport, Economy and The Road to Milano Cortina 2026”. The initiative, promoted by Banca Ifis in collaboration with the Embassy, provided an important forum for examining sport’s role as an engine of economic and social development. The discussion focused on strategic themes including Italy's position in the winter sports market, the impact of major events – from Turin 2006 to Expo Milano – and corporate contribution to the sector’s development.

"Presenting the findings of our Sport System Observatory - now in its fourth edition - at such a prestigious venue such as the Italian Embassy in London confirms spot’s position as a strategic driver for the country. As Banca Ifis, we were the first in Italy to create a banking division entirely dedicated to supporting and sustaining the sports ecosystem: Ifis Sport, a project strongly inspired by the vision of our Chairman Ernesto Fürstenberg Fassio. Through this initiative, we aim to contribute to the sustainable development of the entire Sport System and Italian football, applying the same principles that for over 40 years have guided our role as a specialised bank supporting businesses. We do this in a distinctive way, with innovative financial solutions and high impact social initiatives for local communities and young people. Because supporting sport means investing in the country’s development, competitiveness and cohesion," stated Raffaele Zingone, Co-General Manager and Chief Commercial Officer of Banca Ifis.

The analysis by Banca Ifis - which this year has strengthened its financial support for the Sport System by creating Ifis sport, conceived by Chairman Ernesto Fürstenberg Fassio and the first banking division in Italy entirely dedicated to the support and sustainability of the sports ecosystem - highlights how the Milano- Cortina 2026 Winter Olympics will welcome around 3,500 athletes from 90 countries, attract 2.5 million spectators and reach a global television audience of 3 billion people. With an average stay of 3.05 nights per tourist, Italian SMEs in hospitality and services will have a 12-18 month window of opportunity extending well beyond the competition dates. The commitment from regions, institutions and sponsors to create an extraordinary event primarily benefits Lombardy, with €471 million allocated – divided into €416 million to enhance regional rail network accessibility and €55 million for Milan’s underground modernisation – and Veneto, with €41 million to improve inclusive tourism in the mountains (€22 million) and the Arena of Verona (€19 million).

The Bank's survey of the UK population analyses attitudes towards the Olympic Games and the participation propensity, with particular attention to Italy as host country. The results confirm strong interest: 50% of British citizens say they will follow the Milano-Cortina 2026 Olympic Games live or through the media, while 37% are also interested in the Paralympics. The involvement of businesses is perceived as crucial: 76% believe that corporate sponsors are fundamental to delivering major sporting events and 50% indicate greater willingness to purchase products/services from brands involved as sponsors. Finally, there is a push towards organising sporting events in the UK: 86% of respondents are in favour of hosting a major event, recognising its value in terms of national pride and impact on local economies.

The event opened with institutional greetings from Umberto Bernardo, Head of Economic Office Alternate Director for Italy at the European Bank for Reconstruction and Development, Ambassador Inigo Lambertini, the Italian Ambassador to the United Kingdom, and Raffaele Zingone, Co-General Manager and Chief Commercial Officer of Banca Ifis. Subsequently, Carmelo Carbotti, Head of Strategic Marketing & Research at Banca Ifis, presented Banca Ifis’ analysis of Milano-Cortina 2026 and reflections on the British market, which were discussed in a roundtable featuring: Vicky Gosling, CEO GB Snowsport; Alessio Cremonese, President of Assosport; and Arianna Colombari, Group Corporate Communication & Sustainability Director of Tecnica Group.

Following the discussion, Gianfranco Zola was named ‘Ambassador of Italian Sport in the World’, an award celebrating those who contribute to promoting the sport’s values and enhancing Italy's image internationally. Regarded as one of Italian football’s greatest talents and already awarded the honour of Officer of the Order of the British Empire, Zola embodies these values thanks to an extraordinary career and a constant commitment to representing Italy with integrity and passion. The title therefore rewards not only sporting achievements, but also the ability to foster cultural and social relations through sport.

For more information on the study, visit the Banca Ifis website.