The flame will be lit in Olympia, Greece on 24th October before going to Korea for the domestic relay. It will then be taken through 17 cities and provinces by 7,500 torchbearers, beginning on 1st November - the 100-day countdown to the Games which is set to take place between 9th -25th February, 2018.
The funds are in addition to the ₩33.7bn the government had already set aside for athlete training and preparation.
Located in the mountainous Gangwon Province, some 180km east of Seoul, Pyeongchang failed in bids for the 2010 and 2014 Winter Games before finally finding success.
The 2018 Games kick off an Olympic cycle in Northeast Asia, with Tokyo hosting the 2020 Summer Games and Beijing staging the Winter Olympics two years later.