Successful deployment of geological carbon storage (GCS) requires an extensive use of reservoir simulators for screening, ranking and optimization of storage sites. However, the time scales of GCS are such that no sufficient long-term data is available yet to validate the simulators against. As a consequence, there is currently no solid basis for assessing the quality with which the dynamics of large-scale GCS operations can be forecasted. To meet this knowledge gap, we have conducted a major GCS validation benchmark study. To achieve reasonable time scales, a laboratory-size geological storage formation was constructed (the "FluidFlower"), forming the basis for both the experimental and computational work. A validation experiment consisting of repeated GCS operations was conducted in the FluidFlower, providing what we define as the true physical dynamics for this system. Nine different research groups from around the world provided forecasts, both individually and collaboratively, based on a detailed physical and petrophysical characterization of the FluidFlower sands. The major contribution of this paper is a report and discussion of the results of the validation benchmark study, complemented by a description of the benchmarking process and the participating computational models. The forecasts from the participating groups are compared to each other and to the experimental data by means of various indicative qualitative and quantitative measures. By this, we provide a detailed assessment of the capabilities of reservoir simulators and their users to capture both the injection and post-injection dynamics of the GCS operations.