The Greek government supports a Grand Prix project in Piraeus

Overwhelmed by the economic crisis and the multiple austerity plans imposed by Brussels, Greece is nevertheless seriously considering organizing a Formula One Grand Prix. Launched in June 2011 by a Greek business group and designed by an Athenian architect, the project for a Greek Grand Prix located in the port of Piraeus, more precisely in Drapetsona, was submitted to the FIA in November 2011 before being presented in detail last May to Jean Todt and Bernie Ecclestone.

The project involves a 210,000m² plot of land that has been left unused for twelve years in the industrial port. The circuit, 5.2 km long with 70% of its route on pre-existing roads, would run counterclockwise and feature 13 left turns and 12 right turns. The stands could accommodate 130,000 spectators, while part of the circuit would pass through an already existing road tunnel.

This is not the first time that a Greek Grand Prix has been considered, with a project having already been mentioned in May 2011 in Patras, without any further developments. The Drapetsona project has, however, gained momentum thanks to the support of the Greek government. Although it has been clarified that public funds will not be used for the project’s financing, Konstantinos Cavaras, the Minister of Sports, expressed his support for the project in the pages of Autoweek: “We must support all projects that promote Greece. The possibility of Drapetsona hosting a Formula One race would be very important for the development of Piraeus.”

The Minister of Culture, Costas Tzavaras, believes that hosting a Grand Prix could be positive for the economy: « The main priority of this government is to create development tools. In this critical period for our country, every effort to promote Greece and attract international attention is welcome and deserves our support. The project of organizing a Formula One race in Drapetsona raises expectations to enhance our tourism value through the promotion of the history of the Piraeus port and the restructuring of the entire region. Such a project would create new jobs and place our country back on the international stage. »

Struck by the economic crisis, Greece is now hit by the tourism crisis since, according to the National Union of Travel Agencies, in July 2012, departures from France to Greece have decreased by 17%. Meanwhile, locally, especially in Piraeus, the drop in tourism is estimated at 30 to 50% in some areas, in a country where the tourism industry accounts for 15% of GDP and 20% of the workforce. In 2011, Greece had a record year with 16.5 million visitors, a revenue increase of 10% compared to 2010, estimated at 10.5 billion euros. However, with the political instability that has plagued the country over the past year, along with protests that have attracted media attention and spontaneous strikes, Greece is no longer as favored by travel operators.

But Greece, which has relied for nearly forty years on mass tourism, now seems to want to turn towards high-end tourism, which could notably be generated by Formula One.