World Economy

Italy Braces for $1b Loss

Italy Braces  for $1b LossItaly Braces  for $1b Loss

Italy’s failure to qualify for the 2018 football World Cup in Russia could cost the country in excess of €1 billion ($1.18 billion), the former president of Italy’s National Olympic Committee has said, IBTimes reported. Franco Carraro said the Azzurri’s absence in next summer’s showpiece event would be keenly felt in many parts of Italian society, including lower advertisement sales during the televised matches. “It’s not only about missed advertising sales, television rights and merchandising related to the event,” Carraro was quoted as saying by Bloomberg. “There is much more to it, including the missed sales for travel operators organizing holiday packages to Russia, and also setting up of small restaurants across the country during the matches.” Four-time world champions Italy failed to qualify for a World Cup for the first time in 60 years after they lost a play-off with Sweden 1-0 on aggregate.


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