NSW Premier Morris Iemma confirmed today that NSW taxpayers would contribute $86 million towards staging the July event, during which Pope Benedict will hold a mass at Randwick racecourse.
The figure does not include the $42 million compensation to the racing industry for the use of the racecourse.
The event, which organisers say will attract an estimated 225,000 Catholic pilgrims from all over the world, will be the biggest event hosted by Sydney since the 2000 Olympics.
"The Catholic church is paying for a significant amount of the costs," Mr Iemma said.
"What we are doing with policing and transport, these are the arrangements that have to be put in place for massive events."
Mr Iemma said World Youth Day would would showcase the city to a global audience and generate $150 million in revenue.
"It's a huge event and it will bring many benefits to the city," he said.
"Also (the revenue estimate) doesn't include the impact on our tourism industry ... in much the same way the Commonwealth Games (in Melbourne in 2006) had a net benefit to Victoria," Mr Iemma said.
A Catholic church spokeswoman said the church was paying $150 million to stage the event, with part of that to be raised though a pilgrim registration fee.
The Greens said the Catholic church should pay most of the bill.
"The Catholic church is the organisation that will gain the biggest benefit from this event, not the people of NSW," Greens NSW MP Lee Rhiannon said on ABC radio.
"It's a clear promotional event and, therefore, they should be footing the main part of the bill.
But Sydney Chamber of Commerce executive director Patricia Forsythe said hosting the event would generate $231 million in economic activity for NSW.
It would also help spruik the economic and tourism benefits of Sydney to a global market, she said today.
"It's critical that we measure World Youth Day not in terms of public expenditure, but in terms of the economic activity which it generates," Ms Forsythe said.
"World Youth Day is an economic boost not just for Sydney, but for Australia. Thousands of visiting pilgrims will be travelling to Melbourne, Brisbane and other major centres across the country," she said.
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