Delay doubles Tokyo 2020 Olympics budget cost

TOKYO: After a one-year postponement due to the coronavirus, the final price tag for the Tokyo Olympics of last year was more than double the city’s original 2013 estimate.

The organizing committee announced Tuesday that the Olympics cost 1.42 trillion yen, or around $13 billion. At current exchange rates, with the yen at its lowest level versus the dollar in 24 years, the amount would be $10,4 billion.

As a result of the epidemic, Tokyo 2020 was held a year later than scheduled, marking the first time in peacetime that the Olympics were postponed. As a result, spectators were excluded from practically all events held under tight Covid-19 precautions.

The Games cost twice as much as the 734 billion yen the Tokyo Games organizers estimated in their 2013 application to the International Olympic Committee but less than the pre-Games budget released in December 2020.

Even while organizers lost money on ticket sales, they saved money by simplifying events and avoiding the expense of entertaining millions of fans.

The organizing committee, which disbands at the end of June, reported that the overall cost of the event was 200 billion yen less than its pre-Games budget in 2020 and 29 billion yen less than the final cost estimate in December 2021.

“Everyone involved in this event is responsible for passing on the heritage of the Tokyo Olympics to future generations,” said Tokyo 2020 chief Seiko Hashimoto.

Last year, as the Olympics approached, there was an increase in Covid-19 cases in Tokyo, fueling fears that the event could exacerbate epidemics in Japan and possibly the world.

Sapporo, located in northern Japan, has submitted a candidacy to host the Winter Olympics in 2030.

A March poll of Sapporo and the surrounding area revealed that most residents support holding the event.

Officials have rejected the idea of having a referendum on the 2030 bid.