Market Watch

Euro 2020: Boost for London’s Economy & therapeutic effect of Europeans

There is no doubt that Euro 2020 has been an experiment, with most of the 11 host cities prompted to reopen mass events for the first time since before the pandemic. Without UEFA’s demand for fans to be in stadiums, it is unclear when this process would have happened. “As with all experiments, there have been bumps, and Covid-19 cases have increased during the tournament. Yet, given the strict testing requirements for entering stadiums, the uptick in case rates can be linked to people congregating in homes and city centres as much as travelling to and entering stadiums,” commented the team at

To look at the tournament through the lens of case rates is to miss some of the point. It has had a therapeutic effect for many people across Europe, marking a return to relative normality and providing a raucous method of escapism from the pandemic. Add to this the economic boost of fans travelling around the UK and abroad, bringing money to the host cities, and the tournament’s value grows., 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.

How the study was conducted: 

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.


  • Host cities are projected to miss out on a combined £169 million due to restrictions on stadium capacities.
  • London is poised to make the highest amount of money over the course of the tournament at £23.8 million, followed by Saint Petersburg (£22.3 million), and Budapest (£17.5 million). Amsterdam is estimated to make the least at £2.7 million.
  • Attendance restrictions are set to cost London the most in income, with a £57.3 million shortfall compared to normal circumstances with a full capacity stadium. Dublin will suffer the second biggest shortfall (£22.0 million), with Glasgow in third (£16.8 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 £11.5 million in revenues.