Delay in Tokyo Olympics may cost up to $2.8 bn
The cost for coronavirus counter measures is about $920 million.
By PTI | Updated:
Reuters
TOKYO: The cost of the postponed Tokyo Olympics could reach about USD 2.8 billion, according to figures released on Friday by the Tokyo organising committee, the Tokyo city government and Japan's national government. The numbers are in line with estimates that have been made in Japan since the Olympics were postponed eight months ago. They are now set to open on July 23, 2021.
About two-thirds of the added costs are being picked up by the two government entities, with the other one-third going to the privately funded organising committee.
The operational cost for the delay is listed at 171 billion yen, or about USD 1.64 billion at the present exchange rate. The organizing committee and the Tokyo government share equally in covering the expenses. The national government will pick up a small portion.
The cost for coronavirus counter measures is 96 billion yen (about $920 million). This is being covered solely by the governments.
Tokyo organisers also said they could add 27 billion yen (about USD 260 million) from a contingency fund to help cover added costs.
Tokyo costs are ballooning and could reinforce skepticism about holding the Olympics in the middle of a pandemic. Recent polls show the public is divided on the issue of the Olympics, and allowing fans from abroad to enter.
Prior to the postponement, Japan said the Olympics would cost USD 12.6 billion. But a government audit last year said it was likely twice that much. All but USD 5.6 billion is public money, before any delay costs.
Tokyo said the Olympics would cost USD 7.3 billion overall when it won the bid in 2013. And a University of Oxford study two months ago said the Tokyo Games are the most expensive Summer Olympics on record.
About two-thirds of the added costs are being picked up by the two government entities, with the other one-third going to the privately funded organising committee.
The operational cost for the delay is listed at 171 billion yen, or about USD 1.64 billion at the present exchange rate. The organizing committee and the Tokyo government share equally in covering the expenses. The national government will pick up a small portion.
The cost for coronavirus counter measures is 96 billion yen (about $920 million). This is being covered solely by the governments.
Tokyo organisers also said they could add 27 billion yen (about USD 260 million) from a contingency fund to help cover added costs.
Tokyo costs are ballooning and could reinforce skepticism about holding the Olympics in the middle of a pandemic. Recent polls show the public is divided on the issue of the Olympics, and allowing fans from abroad to enter.
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Prior to the postponement, Japan said the Olympics would cost USD 12.6 billion. But a government audit last year said it was likely twice that much. All but USD 5.6 billion is public money, before any delay costs.
Tokyo said the Olympics would cost USD 7.3 billion overall when it won the bid in 2013. And a University of Oxford study two months ago said the Tokyo Games are the most expensive Summer Olympics on record.
The summer of sport is in jeopardy. As the coronavirus pandemic spreads across the globe, organisers are cutting their losses and either cancelling or postponing marquee sporting events till the public health crisis abates.
The Tokyo Olympics have been postponed.
Here’s a roundup of all the major sporting events that have been upended by coronavirus.
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