Hamburg estimates $12.6 billion cost for 2024 Olympics

HAMBURG, Germany (AP) Hamburg's bid to host the 2024 Olympic Games has an estimated budget of 11.2 billion euros ($12.6 billion), with 7.4 billion ($8.3 billion) to come from taxpayers.

Hamburg mayor Olaf Scholz said at the presentation of the financial plan Thursday that the ''Olympic and Paralympic Games 2024 will cost less than the (2012) Olympic Games in London.''

Schlolz says the ''highest figures'' have been applied to the estimates with inflation and price increases taken into account. He says ''we want to overestimate rather than underestimate the costs.''

Hamburg residents will decide in a referendum Nov. 29 whether the port city's Olympic bid proceeds.

Los Angeles, Paris, Rome and Budapest are the other candidates. The first bid files must be submitted by Feb. 17, 2016 and the International Olympic Committee will choose the host city in 2017.