The issue is not only the event, but the legacy
In the run-up to Milan-Cortina 2026, public debate has focused mainly on infrastructure, construction sites, ceremonies and the competition calendar. That is understandable. Italy is historically effective at managing the event itself. What is less systematic is our ability to turn major events into a medium- and long-term legacy for tourism image and positioning.
That, in my view, is where the real game is played.
Economic scale and tourism impact
According to estimates by Banca Ifis Research, the Milan-Cortina 2026 Winter Olympics will generate a total economic impact of 5.3 billion euros, including direct local spending, deferred tourism expenditure and infrastructure value.
The breakdown highlights 1.1 billion euros in immediate spending by spectators, staff and operators during the event, 1.2 billion euros in deferred tourism spending over the following 12 to 18 months, and around 3 billion euros linked to infrastructure investment in sports facilities and mobility.
Forecasts also point to around 2.5 million expected visitors in the competition areas and a global television audience of more than 3 billion people.
A polycentric event with territorial effects
The distributed geography of the Games, across Lombardy, Veneto and Trentino-Alto Adige, is one of their distinctive features. It reduces the risk of over-concentrating flows in a single destination and widens the distribution of benefits.
Roughly 60% of the overall economic value is expected in Lombardy, while the rest will be spread across Veneto and Trentino-Alto Adige, with relevant effects on transport, hospitality and tourism services.
What the data already signal
Data-driven analysis by Data Appeal and Mabrian, based on tourism big data, demand indicators, air connectivity and online sentiment, points to early signals of rising foreign demand and growing interest in the mountain destinations involved.
Oxford Economics also estimates that international arrivals to Italy could reach around 66.7 million in 2026, up 9.3% on 2025, partly driven by the Olympic effect. Total tourism expenditure is expected to increase by roughly 2.9 billion euros.
Brand availability, choice and reputation
The first strategic dimension is brand availability: mega-events increase the likelihood that a destination is mentally activated during the inspiration and planning stages of a trip. Milan-Cortina can strengthen the association between Italy and a contemporary mountain offer that is sporty, attractive and liveable all year round.
The second dimension is choice. The value of the event becomes real only if visibility turns into stays, longer visits and return trips. The third is reputation, which is not built in the fifteen days of competition but in the ability to capitalise on media attention before and after the event.
Past cases, including Turin 2006, show that without a clear strategy, part of the legacy risks dispersing.
Legacy is a strategic decision
The crucial question is not whether Milan-Cortina 2026 will generate value. The data show that it will. The real question is whether that value will be governed as a structured tourism development project.
Legacy is not a side effect. It is a strategic choice that requires integration between investment, destination marketing, data governance and product policies.
