Jubieurolympics: feel-good factor in London?

Euro 2012 starts later today, and while expectations are very low for England to perform well in this tournament, the fact that the championship is now on seems to continue the feel-good factor, at least in London, which is important in propping up the economy. There has been a series of events, making people feel good about something, and consequently inducing people to spend more, whether for bunting or at pubs. It started with the run-up to the Diamond Jubilee celebrations, continues with the Euros (the football tournament, not the currency, and so long as England remains in it), and will culminate in the Olympic Games.

Naturally, this raises a horrible spectre of things coming crashing down hard as the Games end. Euphoria and positivity will be no more, and only the harsh economic realities will remain and nothing to look forward to. The economic turmoil in Europe looks to continue, and the economic recovery in the US is shaky. The situation in London and Britain as a whole does not look particularly good. The spending cuts will continue to bite, and bite hard. It does feel like a long last hurrah before a hard winter. I suppose the best thing to do is to enjoy it while it lasts?