Postponing the Tokyo Olympics 2020 by a year costs Japan billions of dollars

The Tokyo Olympics has been postponed to 2021 due to "Corona".

From the source

Officials of the Organizing Committee for the next Olympic Games in the Japanese capital, Tokyo, revealed that postponing the Olympiad to next year, due to the emerging coronavirus pandemic crisis, and implementing necessary preventive measures to limit the spread of infection, will cost Japan billions of dollars in additional expenses.

Tokyo Olympics Organizing Committee Director-General Toshiro Moto said the additional costs would amount to about 294 billion yen ($ 2.8 billion), of which 198 billion yen would be the costs of the postponement.

The organizing committee, the city of Tokyo and the Japanese government bear the costs.

Among the things that have increased the value of the additional costs expected is the fact that sports facilities as well as the Olympic Village must be rented for the next year, noting that expenses related to administrative headquarters and advertisements, as well as festive events, have been reduced.

The cost of hosting the Olympiad was expected to reach 1.35 billion yen, before the International Olympic Committee and the Japanese authorities announced last March that the Games would be postponed to next year due to the Corona crisis.

Olympic organizers have already exceeded the previously announced budget, by a large margin.

A study conducted by the University of Oxford in Britain revealed that the Tokyo Olympics is the most expensive in the history of the Olympic Games, and most of the costs are covered by taxpayers in Japan.

The Tokyo Olympics will be held between July 23 and August 8, 2021, and the Paralympic Games will be held between August 24 and September 5.

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