Football tournaments like the European Championships usually mean party time for fans and a financial windfall for anyone connected to the event. From organizers and merchandisers to the hospitality industry, all can expect a hefty boost to their coffers when the Euros are in town.

It has been reported the previous tournament held in France in 2016 generated around $1.48 billion for the French economy.

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A unique tournament

However, Euro 2020 is a very different tournament. Firstly, there's no single host. The Spanish city of Seville was one of 11 venues across Europe that were awarded hosting rights, meaning any potential financial dividend would be diluted.

Added to that, Euro 2020 is a tournament being held in the middle of a pandemic, resulting in restrictions both on the movement of fans and the numbers allowed to watch the games live in the stadiums.

Crucially, though, European football's governing body UEFA did insist that some fans be allowed into the venues. It made for a better visual spectacle, which kept the TV companies happy and it was also good news for the 11 host cities.

Earlier this year, a report by analytics company GlobalData estimated that London alone could have potentially lost out on $354 million in revenue if games at Wembley were played behind closed doors.

However, the economic boost from Euro 2020 will still be significantly less than previous tournaments, both in terms of fans at the stadiums and those watching at home.

Eduardo Fernandez-Cantelli, professor in sports marketing at Madrid's IE Business School, said UEFA's insistence on allowing some fans in the stadium, albeit in a limited capacity, made for a better visual spectacle as opposed to playing the games with no crowds and with no atmosphere.

"It is very likely if you are following the game on TV and you see an empty stadium, it will have an impact on you if you are not emotionally involved in the game. But if you are watching just as a general spectator, the impact may be significant by not having the right atmosphere," he said.

A much-needed boost for hospitality

But while the competition may not generate the same amount of money as previous tournaments, the economic boost it has provided will have given some respite to the industries such as the hospitality sector that was so badly hit by the financial impact of the pandemic.

CGTN Europe spoke to two hospitality workers in Madrid, who both said Euro 2020 had been good for their respective businesses.

"Because of football, we have noticed more people coming into the bar and that has had a positive impact on the business," said one lady.

An employee at a neighboring bar added: "People are so enthusiastic about football, they just forget about coronavirus and focus on the game. They are so enthusiastic and excited, it's like a disconnect from reality."

Whichever team ends up lifting the European Championship trophy on Sunday, it's already clear UEFA will be the big winner. It raked in more than $1 billion from commercial and TV deals at the last European Championships.

This may explain its eagerness to hold the postponed tournament this year, pandemic or not.