There are always issues with Olympics, because we build a lot of stadiums for one-time-use, and there is worker's exploitation and national debt. The EU is big enough that we could build something permanent. Let's say Bratislava-Wienna, and maybe including Mosonmagyarovar in Hungary and Breclav in Czechia. They are all very close to each other. Permanent hotels, railway, statiums and all the infrastucture made with EU money. It's easily reachable from all the corners of EU, but Germany and Italy surely. And then we can bid big to host all sorts of Olympics almost each year.

PS: I'm rather ignorant how these things work, so take it as a question.