Researchers estimate the additional costs of postponing the Olympic Games up to EUR 5 billion. Japan will bear the costs of this inevitable postponement together with the International Olympic Committee.
“The Japanese Prime Minister Shinzo Abe has agreed that Japan will continue to cover costs as agreed in the existing agreement for 2020. The IOC remains responsible for its share of the costs,” reports the IOC. Japan has already invested more than 10 billion euros in hosting the Olympic Games. Delay mainly leads to extra organizational costs, such as renting of the locations, reprinting promotional materials and attracting staff. The Olympic village was to be converted into luxury apartments after the Games, most of which have already been sold. Buyers will now have to wait longer for the apartments. The IOC is to extend the so-called solidarity programme, which supports some 1600 sportsmen and women and also the refugee team, by one year. That alone will cost more than 100 million euros.
According to IOC president Thomas Bach, it is still too early to measure the exact financial damage. He calls postponing the Games to 2021 ‘an unprecedented challenge’. “This is a first in our long Olympic history and a huge task for the IOC, our Japanese partners and all members of our Olympic community. This new situation requires solidarity, creativity, determination and flexibility. We will all have to make sacrifices and compromises. But the Olympic flame can be the light at the end of the dark tunnel.”
Translated with www.DeepL.com/Translator (free version)