Report: Tokyo Olympics Delay Will Cost $2.8 Billion
If you thought you were having a bad year because of the coronavirus pandemic, it's nothing like what Tokyo is experiencing. When the 2020 Summer Olympics were postponed in March, it was the first time in history that the popular games had been delayed. At the time, Japan estimated the cost to put on the two-week spectacle to be around $1.2 billion, which seems a little excessive to me. But now there are other factors to consider before the historic festivities will begin starting on July 23, 2021, and those could double the cost.
According to WWL, a report that was released today from the Tokyo organizing committee, the Tokyo city government, and Japan’s national government. says that the delay will cost upwards of $2.8 billion. As of today, with the exchange rate, the cost is already at $1.64 billion.
Coronavirus countermeasures will take up a huge amount of the added expense, coming in at around $920 million, and that cost will be covered by the two government entities in Japan. Around $260 million will come from a contingency fund from Tokyo organizers. Earlier this year International Olympic Committee President Thomas Bach stated that participants, as well as fans, may be required to get COVID-19 vaccinations before attending the rescheduled games.
Some are questioning whether the Summer Olympics should be held at all, considering we don't know what the effects of the pandemic will be in July. And a recent poll says the public has been divided on whether to allow fans to travel abroad for the games, regardless of a vaccine or not. So far, the 2020 Tokyo Olympics will come in as the most expensive Summer Games in history.
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