09/05/2012 04:54 EDT | Updated 11/05/2012 05:12 EST

Swiss government pledges support for Davos-St Moritz bid to host 2022 Winter Olympics

BERN, Switzerland - Switzerland's government has pledged support for a bid to host the 2022 Winter Olympics in Davos and St. Moritz.

The Swiss Federal Council says public funds should cover $1.05 billion of the projected shortfall from the neighbouring Alpine towns staging the Olympics.

A feasibility study estimated costs of $2.9 billion and income of $1.5 billion.

The seven-member executive body suggests paying half the expected $62.6 million cost of bidding. It asked the federal sports ministry to report back to lawmakers.

The Davos-St. Moritz bid needs support from voters in a regional referendum. Switzerland last staged the Olympics in 1948 at St. Moritz, which also hosted in 1924.

International Olympic Committee members will choose the 2022 host in 2015.