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World Youth Day Brings 50 Million Euros Profit

Source: El Pais - Tue 23rd Aug 2011

El Pais has reported how the World Youth Day, held in Madrid last week, may have brought as much as 160 Million Euros in revenue into the country.

The Catholic Church World Youth Day event organisers have themselves estimated the figure to be around 100 Million euros, however, the Chamber of Commerce for the capital believe that the sum could be as high as 160 Million when taking into account spending in the transport, retail, accommodation and food & drink sectors.

However, after taking into account the total cost of hosting the event, preliminary figures suggest that a profit of around 50 million Euros is much more likely, and as such the Archbishop of Madrid has employed International Accountants, Price Waterhouse Coopers, to audit the figures.

Bars, Cafes and Restaurants are thought to have benefitted to the tune of around 30 Million, with Guest houses, Hostels and Hotels benefiting by 15 Million.

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