No two ways about it: the soccer World Cup competition in June 2006 in Germany was a great experience, not only for the soccer fans, and it still resonates far and wide. The various commentaries have all concluded that the economic effects were positive. Emphasis has often been placed on increased turnover in the retail trade, overnight accommodation, receipts from tourism and effects on employment. The present study shows that this reasoning is mostly of little value and may even be incorrect. Of more significance, however, are other (measurable) effects such as the novelty effect of the stadiums, the improved image for Germany and the feelgood effect for the population.