Formula 1, the Imola GP brought 274 million euros to the territory – Corriere.it

Total benefits for 274 million euros thanks to the 130,000 spectators who reached Imola for the three days of the Formula 1 Grand Prix of the end of April, the driving event of the 2022 of theEnzo and Dino Ferrari international racetrack. These are the key numbers of the study on the economic impact on the territory of the activities that animated the racetrack in 2022, with the Pearl Jam concert in June and the exchange exhibition of the Romagna vintage car and motorcycle club in September completing the podium of peak events.

The racetrack – explains the president of Formula Imola Gian Carlo Minardi – is a public entity but operates on the market and must therefore act with a corporate mentality. This is why we commissioned this study on the economic impact of the activities on the territory in order to have useful evaluation data available not only for understanding the economic sustainability of events and activities in general, but also for making any changes and improvements. I have to say that once again the Imola system worked perfectly. From the study, carried out by Jfc, it emerges how the Imola Grand Prix (won by Verstappen ahead of Perez and Norris) brought over 42,000 tourists to Romagna (two thirds of which coming from abroad) with an average stay of more than 4 nights. This clearly favored all related industries and generated the 274 million euro of economic benefits which were further dissected and analysed.

Of these, the direct benefits on the territory generated by all those who participated in the event were quantified at just over 30 million euros, while the indirect benefits, ie those activated to respond to the needs of goods and services for the organization of the grand prix and local services of various kinds, amounted to 22.7 million euros. The induced benefits (which include the effects of the increase in the workforce and the new spending on the territory) amount to approximately 13 million euros. Other values ​​are those generated on the supply chain and on the enhancement of the Imola brand, as well as the media Adv value (i.e. the value generated by advertising activities): these are above all long-term benefits, quantified respectively at 36 million and 172 million euros.

In a difficult year like 2022 from the point of view of the increase in management costs – explains the president of Imola Faenza Tourism Company Gianfranco Montanari – the Autodrome has been fundamental in supporting the entire tourism, trade and services chain. A concept also reaffirmed by the mayor of Imola Marco Panieri: Not only the grand prix and the great concerts, but the whole calendar confirms that the racetrack system can generate direct and indirect economic effects throughout the Imola area and beyond. These numbers are the confirmation of the great added value, which cannot be renounced, that the Enzo and Dino Ferrari international racetrack represents for the city. As confirmed by the numbers of the other two major events which generated overall economic benefits of 16 million (the Pearl Jam concert) and 7 million (the trade show of the Romagna Club for vintage cars and motorcycles).