In a letter to the Norwegian Police Directorate, the government agency controlling the police in Norway, Oslo police estimated that they would need to spend 995 million kroner ($163m) on personnel costs, and $112m on property.
Of this 200 million kroner will go on buying 500 new police cars, and 100m on new uniforms.
The Olympics in Lillehammer back in 1994 cost 331 million, or 483 million in today's prices.
On November 14, Oslo officially applied to host the Winter Olympics.
It's main rival is Stockholm in neighbouring Sweden, which is hosting most of the downhill skiing events at the resort of Åre.
The other candidate cities are Stockholm, Beijing, Krakow (with events held in other Polish locations and in neighbouring Slovakia), Lviv (Ukraine) and Almaty (Kazakhstan).