$2.4 billion! Tokyo Olympics to cost whopping sum over postponed Games

The Tokyo Olympics 2020 was the biggest sporting event to have gotten hit by the COVID-19 pandemic. This was the first time since World War II that the Games were postponed. The preparations and build-up to the Olympics 2020 were second to none but the monumental event couldn’t go ahead due to the coronavirus. Now, Tokyo 2020 organisers have said that the 2020 Games will cost at least an extra $2.4 billion over postponement cost and pandemic health measures. 

Tokyo 2020 said that an additional $1.5 billion would be required for operations costs related to the deferment of the event whereas another $900 million would be needed on coronavirus countermeasures for the Olympic Games in 2021.

The dollar figure is calculated at an exchange rate of 107 yen, and is closer to $2.56 billion when calculated at today's rate.

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The financial numbers could even spike further with Tokyo 2020 saying it will release another $250 million in ‘contingency’ funds to help cover the expenses.

The extra costs will help the Olympics officials and organisers in a bid to build some enthusiasm and momentum for the Tokyo Games as the organisers insisted that the mega event can go ahead in 2021 even if the pandemic is not under control.

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However, such spending could further intensify public opinion in Japan where polls, earlier in 2020, showed that the majority of people think that the Olympics should be postponed again or cancelled altogether.

A part of additional costs to conduct the Tokyo Olympics will come from the Japanese taxpayers with the total portion of it to be divided by the national government, city of Tokyo and organisers.