A budget of €1.58 billion (£1.35 billion/$1.78 billion) has been set by organisers of the Games in Milan and Cortina d’Ampezzo.

It is lower than the reported operational budgets for Pyeongchang 2018 and Beijing 2022.

Milan Cortina 2026 has received the backing of the Italian Government with €1 billion (£835 million/$1.14 billion) allocated for transport projects in the Lombardy and Veneto regions to help provide access and connections for the Games.

Vincenzo Novari, chief executive of the Milan Cortina 2026, stressed that he "did not touch public money" with the venues set to be funded privately.

"From the infrastructure point of view that is based on the legacy," Novari told insidethegames.

"There is not one project for the Games.

"Everything is made for the future.

"This infrastructure is made for the country.

"From an organisation point of view, our budget is €1.5 billion and our costs and revenues are balanced so we are sure that even with this complexity thanks to technology and the contribution of the [existing] venues we can get this balance which is our challenge."

Milan Mayor Giuseppe Sala and his Cortina d’Ampezzo counterpart Gianpietro Ghedina received the Olympic Handover Flag at the Closing Ceremony of Beijing 2022 on Sunday.

The concept for Milan Cortina 2026's part in the spectacle was entitled "Duality, Together" with the aim of showcasing the two locations and underlining the importance of sustainability.

"We do not want to touch our environment, we don’t want to touch public money, we don’t want to touch what is a huge asset that we have in our country," said Novari.

"'Duality, Together' means that we are not working to make everything in one place for an easier job.

"We want to get complications because we do not want to touch what is outside."

The organisation of the next Winter Olympics has faced criticism with Italy’s three-time Olympic Alpine skiing medallist Federica Brignone fearing that there will be "no Olympic spirit" due to the distance between the two host locations.

Milan Cortina 2026 is set to create Olympic Villages in Milan, Cortina, Predazzo and Livigno.

The Games are due to be held across 22,000 square kilometres, making it the most geographically widespread Olympics in history.

Cortina is located more than 420km from Milan, a drive of over four-and-a-half hours.

Brignone, who secured two medals at Beijing 2022, has ruled herself out of competing at her home Games and raised concerns over the organisation.

But Novari has defended Milan Cortina 2026's approach to the Winter Olympics.

"Of course there will be some sacrifice," said Novari.

"Of course they won’t be all together.

"We will have villages where instead of having 4,000 people there will be 1,000 but what is important is not the number but what is defined inside.

"You have to find inside the aim, the culture and the value that has to be in the Olympic and Paralympic Village and this is what they will find in each location.

"It is complex but that’s our job."