The Olympic Tower was illuminated in August 2021 to mark one year to go until the Munich 2022 European Championships ©Getty Images

Munich’s Olympic Tower is set to be renovated and closed for two years but work is not due to start until a year after the German city plays host to the 2022 European Championships.

The project to improve Munich’s highest building is estimated to cost around €43.8 million (£36.8 million/$49.8 million).

According to Süddeutsche Zeitung, the rising costs associated with the revamp resulted in the City Council postponing its approval of the project last month until the start of this year.

The delay is expected to give Council officials more time to assess the finances behind the renovation.

Munich is scheduled to stage the European Championships from August 11 to 21 this year.

Süddeutsche Zeitung reports that the revamp of the Olympic Tower will get underway from June 2023.

The work comes after the supervisory board of the Olympiapark Gesellschaft called for urgent action to be taken to improve the state of the building.

Built in 1968, the Olympic Tower stands at 291 metres high - making it the tallest building in Munich.

It is a prominent feature of the Olympic Park which was created for the Munich 1972 Olympic Games.

More than 43 million visitors have used the tower, which features a revolving restaurant, since it was opened 54 years ago.

It is expected to be closed for two years to allow work to be carried out from June next year until May 2025.

This year’s European Championships will be held on the 50th anniversary of the Munich 1972 Olympics.

Athletics, gymnastics, cycling, rowing, triathlon, sport climbing, table tennis, volleyball and canoeing form part of the multi-sport event, with the Olympic Park set to house the main cluster of venues.

Around 4,700 athletes are set to compete at Munich 2022, where 176 events are on the programme.