Misc
The Business of the 2014 FIFA World Cup
The Business of the 2014 World Cup
As you are reading this, billions of people are enjoying and celebrating the beautiful game being played by the world’s elite players. However, the 2014 FIFA World Cup is more than just a global football jamboree, it is also a magnet for controversy.
The revenue FIFA will generate in just one month will exceed an entire season’s revenue for the NBA, Premier League, LOGOC, VANOC and NHL. However, for Brazil, the cost of hosting the tournament will far exceed any money it will recoup in 30 days.
Brazil, a developing nation, has spent an estimated $11 billion on hosting the World Cup, making it the most expensive ever. To put that in perspective, the last World Cup, held by South Africa, cost $2.3 billion to host. Those opposing the Brazilian government spending the money on football argue that the funds could have been better used in developing the country’s education system, health care, and infrastructure. Also, thousands of homeless Brazilians were displaced in order to construct stadiums and other structures for the World Cup.
It is important to note that this isn’t the only big party Brazil is throwing. In just two short years, Brazil will be hosting the 2016 Summer Olympics. Brazil will once again be under the global spotlight, and only time will tell if the Brazilian people will be more receptive to incurring another multi-billion dollar expense.
A side note, future 2022 World Cup Host, Qatar, will spend a mind boggling $200 billion in anticipation for its turn to host the World Cup. Controversy has ravaged the oil rich nation from the very beginning with bribery scandals and human rights violations.
FIFA generates a tremendous amount of revenue and it is interesting how it is allocated. First, the prize money for this tournament will be a record $576 million. Prize money is paid to national soccer federations and they allocate it as they see fit. The rest of the money is allocated to stakeholders that are involved in the tournament. Stakeholders include: clubs who are sending players to play, the host country’s national football federation, and an insurance fund for any injured players. The left over money, aka profit, will go directly to FIFA. This year’s tournament is expected to pocket FIFA $2.61 billion.
Maps
The Largest Earthquakes in the New York Area (1970-2024)
The earthquake that shook buildings across New York in April 2024 was the third-largest quake in the Northeast U.S. over the past 50 years.
The Largest Earthquakes in the New York Area
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The 4.8 magnitude earthquake that shook buildings across New York on Friday, April 5th, 2024 was the third-largest quake in the U.S. Northeast area over the past 50 years.
In this map, we illustrate earthquakes with a magnitude of 4.0 or greater recorded in the Northeastern U.S. since 1970, according to the United States Geological Survey (USGS).
Shallow Quakes and Older Buildings
The earthquake that struck the U.S. Northeast in April 2024 was felt by millions of people from Washington, D.C., to north of Boston. It even caused a full ground stop at Newark Airport.
The quake, occurring just 5 km beneath the Earth’s surface, was considered shallow, which is what contributed to more intense shaking at the surface.
According to the USGS, rocks in the eastern U.S. are significantly older, denser, and harder than those on the western side, compressed by time. This makes them more efficient conduits for seismic energy. Additionally, buildings in the Northeast tend to be older and may not adhere to the latest earthquake codes.
Despite disrupting work and school life, the earthquake was considered minor, according to the Michigan Technological University magnitude scale:
| Magnitude | Earthquake Effects | Estimated Number Each Year |
|---|---|---|
| 2.5 or less | Usually not felt, but can be recorded by seismograph. | Millions |
| 2.5 to 5.4 | Often felt, but only causes minor damage. | 500,000 |
| 5.5 to 6.0 | Slight damage to buildings and other structures. | 350 |
| 6.1 to 6.9 | May cause a lot of damage in very populated areas. | 100 |
| 7.0 to 7.9 | Major earthquake. Serious damage. | 10-15 |
| 8.0 or greater | Great earthquake. Can totally destroy communities near the epicenter. | One every year or two |
The largest earthquake felt in the area over the past 50 years was a 5.3 magnitude quake that occurred in Au Sable Forks, New York, in 2002. It damaged houses and cracked roads in a remote corner of the Adirondack Mountains, but caused no injuries.
| Date | Magnitude | Location | State |
|---|---|---|---|
| April 20, 2002 | 5.3 | Au Sable Forks | New York |
| October 7, 1983 | 5.1 | Newcomb | New York |
| April 5, 2024 | 4.8 | Whitehouse Station | New Jersey |
| October 16, 2012 | 4.7 | Hollis Center | Maine |
| January 16, 1994 | 4.6 | Sinking Spring | Pennsylvania |
| January 19, 1982 | 4.5 | Sanbornton | New Hampshire |
| September 25, 1998 | 4.5 | Adamsville | Pennsylvania |
| June 9, 1975 | 4.2 | Altona | New York |
| May 29, 1983 | 4.2 | Peru | Maine |
| April 23, 1984 | 4.2 | Conestoga | Pennsylvania |
| January 16, 1994 | 4.2 | Sinking Spring | Pennsylvania |
| November 3, 1975 | 4 | Long Lake | New York |
| June 17, 1991 | 4 | Worcester | New York |
The largest earthquake in U.S. history, however, was the 1964 Good Friday quake in Alaska, measuring 9.2 magnitude and killing 131 people.
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