For Australia, that cost will be about A$12 million per medal. This is the cost of funding the federal contribution to Olympic preparation, largely through the Australian Institute of Sport ($380m) divided by the number of medals won (29). (Compare the 58 medals won at the Sydney games.) But when you factor in state and local government spending, the cost could be as high as $20m per medal.

All countries go through this ritual. Even after a highly successful Olympics, the British are wondering whether it’s really worth spending £5.5m per medal.

http://theconversation.com/the-price-of-victory-comparing-the-cost-of-olympic-gold-to-an-elite-arts-prize-64159