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However, many people feel that the London Games were overall a success, and provided a benefit to the city. Over the total period of the Olympics, some sources suggest “the city brought in around US$3.5 billion in revenues, and spent in excess US$18 billion – a negative balance of $14 billion plus” (Zimbalist, 2015). Economically, the Games occurred during the recovery from the global financial crisis of 2008-10, and many people felt that the approximate cost of GBP10bn to be too high, despite the lasting benefits to the environment and the future of the economy. Socially there were many benefits (see below) but these were not always long-lived, and participation in sport has now returned to pre-2012 levels. Whether the Games were cost-effective depends very much on the perspective of the individual. The costs and benefits of hosting the Games the media centre, where 20,000 people worked during the Games, was planned for conversion into one of Europe’s largest data storage centres Suitable location for further post-Games industry e.g.
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