The Milan Cortina 2026 Winter Olympics is costing far more than it was initially expected ©Getty Images

The costs of staging the Milan Cortina 2026 Winter Olympics have risen to more than €2 billion (£1.7 billion/$2 billion), which is more than initially expected.

According to Italian newspaper Il Fatto Quotidiano, the amount has been divided into two sections, with €284 million (£238.9 million/$288.7 million) being dedicated to "essential non-deferrable" works - a scheme that must be completed for the event to be held - and €1.9 billion (£1.6 billion/$1.9 billion) committed to "essential" projects like infrastructure.

The new overall costs of the next scheduled Winter Olympics total an estimated €2.165 billion (£1.821 billion/$2.203 billion).

Stadiums and tracks have amounted to €318.2 million (£267.8 million/$324.1 million), with €178 million (£149.7 million/$181.3 million) being allocated to works that cannot be postponed.

The price of the Olympic Village of Cortina d'Ampezzo has been set at €47.8 million (£40.2 million/$48.6 million) while the Predazzo Olympic Village has a more moderate tag of €11 million (£9.3 million/$11.2 million).

Thirty-four road and railway projects have been deemed essential, though not all of them are anticipated to be completed in time for the Olympics, such as the Longarone and Cortina ring roads.

In total, this type of infrastructure has been valued at €1.7 billion (£1.4 billion/$1.7 billion).

The Regional Council of Veneto approved an agreement to set aside €22 million (£18.5 million/$22.3 million) additional funding for a new bobsleigh track in Cortina.

The Regional Council of Veneto has approved new funding for a bobsleigh track in Cortina ©Getty Images
The Regional Council of Veneto has approved new funding for a bobsleigh track in Cortina ©Getty Images

This was originally predicted to cost the state €62 million (£52.1 million/$63.1 million) with the blame being put on the price increase of raw materials.

The complete list of finances was published in the latest Bulletin of the Veneto Region.

Due to the rise in costs, the Italian Parliament is currently working to approve a €400 million (£336 million/$407 million) loan for the Olympics.

The Games had been given a budget of €1.58 billion (£1.3 billion/$1.6 billion).

In June, local politicians voiced their concerns over the funding for the Olympics and Paralympics.

Government representatives from Milan and Cortina d’Ampezzo, co-hosts of the 2026 Winter Olympics, as well as from the regions of Lombardy and Veneto and provinces of Trento and Bolzano signed a letter demanding for the meeting.

According to Il Fatto Quotidiano, which obtained a copy of the letter, the officials alleged there was "no money" for Milan Cortina 2026 and remarked "there are four years left and we are worried."

Milan Cortina 2026 announced in April a loss of €21.2 million (£17.8 million/$21.5 million) for 2021.

The 2026 Winter Olympics are due to be held from February 6 to 22 while the next Winter Paralympics are due to follow from March 6 to 15.