The Lombardy Region has allocated €19.6 million (£16.2 million/$21.1 million) while the Municipality of Bormio has put forward €1.675 million (£1.3 million/$1.8 million).

The money will see the construction of a permanent grandstand at the bottom of the Stelvio slope and the renovation of the main ski lift building.

A car park, cycle and walking path and a footbridge over the Frodolfo stream are also set to be built after being approved by the regional council.

"The ski stadium will be a key facility for the Olympic event," said regional councillor for infrastructures Claudia Maria Terzi, as reported by Sondrio Today.

"The porta car park will ensure better accessibility to Bormio, while the cycle and pedestrian path will offer new opportunities to move in a sustainable way."

The developments have been scheduled for completion by November 2025.

"The administrative process to create the Ski Arena in Bormio is proceeding with the utmost attention and speed to get ready for the Olympics event," said Massimo Sertori, Lombardy Region Councillor.

"On a daily basis and at a fast pace, they aim to achieve the goal that will bring Lombardy and Italy to the world through a sporting event."

Bormio has hosted the Alpine Ski World Championships twice, in 1984 and 2005, and is a regular stop on the World Cup circuit.

The ski area boasts 50 kilometres of marked runs, 15 lifts and several ski schools.

"Thanks to the works financed by the Lombardy Region, what is already one of the most beautiful and technical free runs of the World Cup will become a real dream slope," said Lombardy Region Undersecretary Antonio Rossi.

"The future ski stadium with the new stands at the arrival and the related works will allow, in fact, to increase the charm of the Stelvio bringing it to the absolute top in the world ski panorama for years to come for thousands and thousands of ski enthusiasts from all over the planet."