Toronto will consider a bid to host the 2025 Expo, with consultants putting the cost to hold such an event at CA$1.9bn (US$1.42bn, €1.3bn, £1.16bn).

Toronto Arts Council says that hosting such an event would result in a CA$4.3bn (US$3.22bn, €2.95bn, £2.64bn) boost to national GDP, with a CA$1.26bn (US$944m, €867m, £772m) increase in tax revenue.

A survey conducted by Hill+Knowlton Strategies on behalf of Expo Canada revealed 55 per cent of Canadians polled nationwide support a potential bid, with 32 per cent saying they weren’t sure and needed more information. Only 10 per cent of the 1,300 that took part in the survey opposed the bid.

Supporters of the project have argued that hosting a world event would help the city leverage investment in flood-protecting the Port Lands and move ahead with development of the area – which has been stalled for more than 14 years.

While the project has strong public support, a report from the city council, to be tabled at an executive committee meeting next week, says that Toronto should not host the 2025 Expo, citing concerns over the lack of government funding and construction timelines to develop necessary infrastructure.

Costs would also include a separate figure worth nearly CA$1bn (US$749m, €688m, £613m), which would be needed to redevelop the city’s east end, including flood protection and investment in infrastructure.

Canada’s Prime Minister, Justin Trudeau, said earlier this year that if the city council approves a bid, the federal government will “explore next steps.”