Greece is the latest country to lay plans for the hosting of a Grand Prix. After four years of recession, the struggling European state is in need of solutions to its economic problems, and Formula One could play quite a significant role in the recovery process.
The track will cost a reported € 98.6 million, of which €28.9 million will be provided by the Ministry of Development. Considering how frequently projects like this go over-budget, that means a likely injection of funds in excess of €100 million into an economy that desperately needs stimulation.
A project on the scale of an F1-quality race track creates employment for thousands of people, bolsters hundreds (if not thousands) of local businesses and creates positive press for the country all around the world. And all of that happens before the race even gets underway.
When it comes to the event itself, thousands of race fans from all over the world would flock to see the awesome spectacle that is Formula One. Those fans would all be pouring their currency into the Greek economy, and experiencing a country they might not have ever seen. The boost to Greek tourism would be substantial.
Aside from the Grand Prix, there would also other racing series using the track year-round. Cars, bikes and karts would be able to race on a world class track, which would doubtless be positive for the local racing scene.
Of course, the project will probably not even get off the ground without FIA approval and some sort of contract with Bernie Ecclestone. But once F1’s top men have given the green light, Greece should go ahead in the knowledge that there cannot possibly be a downside to hosting a Grand Prix.