Euro 2020 host cities set to lose €194 million due to stadium restrictions, study says


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Study shows which host cities stand to lose the most in revenues as a result of attendance restrictions.


  • Host cities are projected to miss out on a combined €194 million due to restrictions on stadium capacities.
  • London is poised to make the highest amount of money over the course of the tournament at €27.3 million, followed by Saint Petersburg (€25.7 million), and Budapest (€20.0 million). Amsterdam is estimated to make the least at €3.1 million.
  • Attendance restrictions are set to cost London the most in income, with a €65.8 million shortfall compared to normal circumstances with a full capacity stadium. Dublin will suffer the second biggest shortfall (€25.3 million), with Glasgow in third (€19.3 million).
  • Budapest’s revenues are anticipated to remain unchanged as a result of its plans to fully open its stadium.
  • Saint Petersburg is set to benefit from hosting three additional games after Dublin’s withdrawal, securing an extra €13.3 million in revenues.
  • Bucharest is set to have a loss/gain in visitor income of €10.6 million., an unofficial guide to the European Football Championship, has released a study that estimates the economic impact Euro 2020 will have on the cities hosting the tournament. As a company dealing with sports data, wanted to reveal the potential economic cost of stadium attendance restrictions on tournament host cities in terms of lost visitor spending. The study estimates the revenues each host city is set to receive over the duration of the tournament, while also calculating the revenues the cities could have received under normal circumstances.

The study began by gathering information on the 12 original host cities for the tournament as well as the replacement host city, Seville, including the number of games scheduled in each city, where each team is playing, and the stadium capacities to predict visitor numbers.

Next, the average nightly tourism expenditure in the host countries was researched, including accommodation, restaurants and other spending, but excluding spending on transport. This data was found for visitors from all 24 countries participating in the tournament.

Then, the study considered different fan attendance scenarios. Firstly, a normal scenario was imagined where stadiums were at capacity and fans of each nation could attend their team’s games in full stadiums. The overall income that each host city could have received in these circumstances was then calculated.

Lastly, provisional minimum stadium attendance figures submitted by every host city were used to calculate the revenues cities can expect to receive from visitors to the tournament this summer.

The result is a detailed assessment of the economic impact of the tournament on the host cities, comparing the income they could have received under normal circumstances with the income they are projected to receive in current circumstances.

The table below shows the total visitor spending each city could have received under normal
circumstances, compared to the visitor spending they are projected to receive this summer. The final
column then shows the difference between these numbers to give the projected lost income as a result
of attendance restrictions.

Romania’s Capital, Bucharest is set to host four games. The estimated spending in normal circumstances is €14.2 million, but the forecast spending in the current scenario, under the Covid-19 restrictions mounts to €3.6 million. So, the projected loss/gain in visitor income in Bucharest’s case is -€10.6 million.

Estimated Losses

Seville – €5.5 million
Saint Petersburg  – €844,900
Budapest – €0
Amsterdam  -€9.2 million
Bucharest  -€10.6 million
Rome  -€11.5 million
Copenhagen  -€12.9 million
Baku  -€13.6 million
Munich -€16.2 million
Bilbao  -€16.3 million
Glasgow -€19.2 million
Dublin  -€25.3 million
London  -€65.8 million


The European travel industry is estimated to have lost €1 billion per month over the last year, and safely
welcoming international tourists again is on the cards for many countries going forward. This summer’s
tournament has the potential to bring green shoots of recovery to economies around Europe,” comments
the team at “The study reveals the possible boost that countries could receive as a
result of hosting international visitors for the tournament, even with limited capacity stadiums. Although
less than original expectations under normal circumstances, the results show that host cities can expect
to receive combined revenues of €117 million.”
When the tournament was originally postponed in 2020, it was hoped that it would eventually take place
under normal circumstances,” comments the team at “A year down the line, most
stadiums will most likely be open at 25% capacity, however, this would still represent significant progress
given the uncertainty of the period. This study shines a light on the ongoing damage economies are
suffering, while also drawing attention to the benefits of being able to welcome near-full or even full
capacity stadiums.”

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