Fireworks ignite over the Olympic Stadium during the Opening Ceremony for the London 2012 Olympic Games on July 27, 2012 at Olympic Park in London, England.

Jamie Squire | Getty Images

Fireworks ignite over the Olympic Stadium during the Opening Ceremony for the London 2012 Olympic Games on July 27, 2012 at Olympic Park in London, England.

At an estimated $14.9 billion, London’s 2012 Olympic Games emerged as the most expensive of all time.

Though shy of Sochi’s $22 billion Winter Olympics spend, the cost of the project ran over by 100 percent and critics continue to question the long-term impacts it has had on the surrounding area, one of the most deprived parts of the country.

“In 2005, London secured the bid with a cost estimate that two years later proved inadequate and was revised upwards around 100 percent. When it was revealed that the final costs were slightly below the revised budget, the organizers falsely, but very publicly, claimed that the Games were under budget,” Flyvbjerg noted.

“Such misinformation is unethical in our view. Our study shows that we should not count on organizers and governments to provide us with reliable information about the real costs of hosting the Olympics.”

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