In the year 2021, the Tokyo Olympics will be the most expensive in modern memory. Covid postpones the blow.
THE 2020 Olympic Games will take place in 2021, a year after they were supposed to begin and with a very different look than prior competitions. Detailed data has exposed the enormous expenses behind the latest games, despite being scaled back this year.
The Olympic Games begin this week, just over a year after the Covid postponement by the International Olympic Committee (IOC). They will make their official debut in Japan tomorrow, with a much-anticipated opening ceremony. Spectators watching from home will see a quite different event over the next few weeks, but the capital in the background is the most significant in the games’ history.
Japan, despite faring better than some of the other Olympic nations in the pandemic, has daily case totals of around 3,000.
However, new evidence indicates that it can no longer afford to delay the games.
The decision to postpone the Olympics for a year has resulted in the Tokyo Olympics becoming the most expensive in modern history.
The Japanese government had to cover an estimated $2.8 billion (£2 billion) in revenue lost due to the delay, according to Statista.
And officials already had to deal with a budget that was already running out of steam.
Final possible expenses have been estimated at $22 billion (£15 billion) by Japan’s National Audit Board, which is more than three times the earlier estimate.
When Japan’s bid committee was successful in securing host status in 2013, it estimated a $7.3 billion (£5 billion) budget.
Six years later, in 2019, they amended the sum to $12.6 billion (£9.1 billion).
Even the budget committee’s projection may fall short after the games are over.
Independent investigation by national newspapers Asahi and Nikkei resulted in anticipated costs of $28 billion (£20 billion).
According to various forecasts from Japan’s financial periodicals, the 2020 Olympics will be the most expensive in modern history.
Rio de Janeiro’s 2016 summer Olympics cost an estimated $13.7 billion (£9.9 billion).
London officials spent slightly more, but still less than half of Tokyo’s total budget.
Only the 2014 Winter Olympics in Sochi come close to the costs in 2020.
The Russian city’s overall budget for the games was predicted to be $21.9 billion (£15.9 billion).
Unfortunately for Japan, the country finds itself in a peculiar predicament.
The national economy was hit by both Covid and the Olympic organization, when most other countries just had to deal with one variable.
In the “Brinkwire Summary News,” analysts reported a net decline of 1.3 percent.