blue for Europe,
yellow for Asia,
black for Africa,
green for Australia
and red for North and South America
The current or Modern meaning/view of the International Olympic Committee is that the symbol "reinforces the idea" that the Olympic Movement is international and welcomes all countries of the world to join.
Revival of the Olympic movement in modern history may be credited to French Freemason Baron Pierre de Coubertin. De Coubertin was inspired by Dr William Penny Brookes who had organized a national Olympic Games at Crystal Palace in the United Kingdom, in 1866, who had also adopted ideas from the Evangelis Zappas revival of the Olympic Games in Greece. The statue of Baron Pierre de Coubertin at Atlanta’s Centenial Olympic Park features the Occultic step pyramid, surrounded by the Two Towers or pillars with the Olympic rings flocked by doves above.