Munich is bidding for the 2018 Olympic Winter Games alongside Garmisch-Partenkirchen and Schönau. This billion-euro project will partially be funded by taxpayers. Holger Preuss examines to what extent the costs can be offset by the economic benefits in the form of income, jobs, and tax revenues. In a comprehensive cost-benefit analysis that encompasses over 1,200 variables and also considers non-monetary effects such as image effects, tourism promotion, and the experiential value for the population, he provides an extensive overview of the complex economic impacts of the Winter Games and Paralympics for Germany.