“$60,000 is expensive, but again?” Paris Eiffel Tower to raise entrance fees again amid tens of billions in deficit

the Eiffel Tower, a symbol of Paris, France, and a favorite of tourists from around the world, is considering raising admission prices yet again due to severe financial difficulties. having already raised prices once this year, the accumulating deficit is becoming unmanageable, and the Paris city council is now playing the hike card.

14 billion in losses, what caused it?

according to a report by the Court of Accounts, France’s top auditor, the Eiffel Tower lost about €8.5 million (about $14 billion) last year alone. by 2031, the cumulative deficit is expected to reach 31 million euros ($52 billion).

the auditor general pointed to two main reasons for these deficits

• underestimated repair costs: Management seriously underestimated the cost of repairing and reinforcing the tower, which has 180,000 rebar and 2.5 million bolts.
• high labor costs: Labor costs and benefits for the 441 employees were also cited as a contributing factor to the financial deterioration.

on top of that, the company has yet to fill the revenue gap of around €149 million that evaporated during the COVID-19 pandemic.

already an 18% hike, but not enough

to address the deficit, the Eiffel Tower operator has already raised admission prices by about 18% this year, bringing the price of an adult ticket for an elevator ride to the top floor to €36.10.

initially, the operator had planned to boost revenue by increasing the number of visitors, but this is proving difficult amid growing opposition to “overtourism” among Parisians. Eventually, it lowered its visitor target from an initial 7.4 million to 6.6 million, making further increases in entrance fees an inevitable option.

paris’s dilemma, increasing the burden on tourists

the Paris City Council has stated that it is “considering adjusting the Eiffel Tower’s pricing structure,” hinting at the possibility of further increases [745]. in the city’s dilemma of finding the money to maintain the world-famous landmark, critics say the burden is being passed on to tourists.