An updated version of the document Business Plan 2020/26 was examined during a virtual Board meeting, before being approved.

The budget for next year was also approved unanimously by the Board.

Milan Cortina 2026 said the new forecasts did not "differ substantially" from proposals outlined in its winning bid, although adjustments have been made for both the coronavirus pandemic and current economic conditions.

Organisers of the Winter Olympics and Paralympics are still predicting a budget surplus come the end of the Games.

The original budget laid out in the Milan Cortina 2026 proposal projected the total budget at approximately €1.5 billion (£1.3 billion/$1.7 billion) in 2026 financial terms.

Sustainability was another key selling point of the Milan Cortina 2026 bid, which saw off competition from Stockholm and Åre in Sweden to be awarded the Games in June 2019.

Milan and Cortina d'Ampezzo will be the two main hubs during the Games, although other locations in northern Italy including Bormio and Tesero will stage events.

Earlier this month, Italy's Transport Minister Paola De Micheli signed a decree giving the green light to major infrastructure projects for Milan Cortina 2026.

This includes releasing €1 billion (£902 million/$1.1 billion) in funding for major road and rail links.

The Italian Parliament has also adopted an Olympic Law which dictates the organisation and governance of Milan Cortina 2026.

Articles related to sustainability and the legacy of the Games were included in the Olympic Law, with the Games supposed to be held in accordance with the International Olympic Committee's Agenda 2020 reforms, meaning sustainability and affordability are to be prioritised.

The Olympic Opening Ceremony is scheduled for February 6 2026 in Milan's San Siro stadium, although, should the iconic venue be demolished as AC Milan and Inter Milan have proposed, the Opening Ceremony is expected to instead take place in the football clubs' new, state-of-the-art home.