For all the pageantry on display at the Winter Olympics in Italy, the prevailing emotion on the ground is not one of optimism but unease.

Behind the prepared speeches and choreographed panels, the fierce competition and award ceremonies, athletes, officials and attendees are speaking quietly about economic strains and global political instability.

The Olympics have rarely been entirely free of politics, whether through boycotts, protests, even terror activities at the Games. But the shadow over this year’s events is unusual because it’s caused by events beyond the Olympics.

The pall comes amid wars in Ukraine, Gaza, and in large parts of Africa; the rise of artificial intelligence; geopolitical instability; and economic worries tied in part to the new U.S. tariff regime.

“We’re afraid of [President Donald] Trump,” said Greenland biathlete Ukaleq Slettemark, a critic of the U.S. president’s interest in her home country. “But we cannot be bought.”

From the Munich Security Conference, French President Emmanuel Macron, an off-again-on-again Trump critic, said, “Sport does not exist in a vacuum, especially in times like these.”

It’s not just the Europeans.

Maddie Mastro, a U.S. snowboarder, lamented the polarization in the U.S. “I’m saddened by what is happening at home,” she said. “It’s really tough, and we can’t turn a blind eye to that.”

Early in the Olympics. Trump called U.S. freestyle skier Hunter Hess “a real loser” after he said he was “conflicted” about representing his country amid the domestic turmoil.

More recently, Vice President J.D. Vance called on athletes to keep their eyes on the ball.

“You’re going to have some Olympic athletes who pop off about politics,” Vance said. “My advice to them would be to try to bring the country together and that when you’re representing the country you’re representing Democrats and Republicans.

“You’re there to play a sport, and you’re there to represent your country and hopefully win a medal,” Vance concluded. “You’re not there to pop off about politics.”

Thomas Bach, president of the International Olympic Committee, appeared to back Vance’s view – albeit with less flair.

“The Olympic Games cannot solve all the problems that generations of politicians have not solved,” Bach said.

In addition to the political factors, the financial burden of hosting the Games is looming larger with the cash-strapped Italian government footing much of the Olympic bill amid internal debates over public spending. 

In the end, headlines in the host country have focused nearly as much on political debates and financial concerns as on the athletic exploits of participants from nearly 100 countries around the globe.

The final result has been an Olympics that feel carefully managed rather than exuberant.

The Games, which got underway Feb. 6, will conclude Sunday with closing ceremonies in Verona.