A Sport and Business study was conducted for the Leonardo Committee, which brings together more than 160 individuals with the aim of promoting "Italian quality" around the world.

Its findings were presented at the Italian National Olympic Committee's (CONI) hall of honour.

From an initial investment of €1 billion (£850 million/$1.1 billion), the study claims that Milan Cortina 2026 could yield a €3 billion (£2.6 billion/$3.2 billion) growth in Italy's gross domestic product.

CONI and Milan Cortina 2026 President Giovanni Malagò added that hosting the Winter Olympic Games would also provide a soft power boost to Italy.

"These numbers do not reveal the enormous cultural and social value of sport as well as the prestige of the nation," Malagò said, as reported by Il Corriere del Giorno.

The study found that the sports industry, consisting of approximately 15,000 companies, is currently worth around €4 billion (£3.4 billion/$4.3 billion) to the Italian economy.

Il Corriere del Giorno reported that Italian Minister of Foreign Affairs Luigi Di Maio declared sport "an integral part of the national economy".

In December 2021, Italian Prime Minister Mario Draghi said that Italian sport had enjoyed "an extraordinary year" after a number of notable triumphs.

This included its men's football team winning the delayed UEFA European Championship and its men's and women's volleyball teams also claiming continental crowns.

Italy clinched a record 40-medal haul at the Tokyo 2020 Olympics, including 10 golds.

Marcell Jacobs claimed a surprise victory in the men's 100 metres final, and contributed to a winning effort in the 4x100m relay.

The Milan Cortina 2026 Organising Committee has said it plans to finalise a "masterplan" for the Winter Olympics by the end of 2022.

Recent developments in the preparations for the Games have included a Memorandum of Understanding signed between the municipality of Milan and other bodies in the Italian city aimed at eliminating criminal activity.

Rome had initially launched a bid for the 2024 Summer Olympics, but withdrew from the process in September 2016 amid opposition from local Government.

The bid for the Winter Games incorporating Milan and Cortina d'Ampezzo staved off a challenge from Sweden's Stockholm and Åre in 2019 to be awarded hosting rights for the Games.

The Milan Cortina 2026 Winter Olympics are scheduled to take place from February 6 to 22, with the Paralympic Games set to follow from March 6 to 15.

Cortina d'Ampezzo has held the Winter Olympics once before, in 1956, while Turin was the last Italian host in 2006.