The Tokyo Olympics are reportedly already running double the official $12.6 billion cost, and the postponement could add another $2.7 billion
- According to The Associated Press, a government audit found that the cost of the
Tokyo Olympicsis double the official $12.6 billion cost.
- Japanese news agency Kyodo News reported that the postponement of the games until July 2021, due to the novel
coronavirus, could add an additional $2.7 billion to the total cost.
- On Tuesday, Japan's organizing committee and the International Olympic Committee got into a spat over a statement on the
IOC's website that said Japanis already committed to paying the additional costs from the postponement; Japan denied agreeing to foot the costs.
- Visit Insider's homepage for more stories.
The Tokyo Olympics have been postponed until 2021, and the cost of hosting them is only going up for Japan.
According to The Associated Press, Japan has said the official cost of the Olympics is $12.6 billion. However, the AP reported that a government audit report said the cost is "at least twice that much." According to the AP, there is always debate about what are and are not Olympic costs.
According to the AP, Tokyo's bid for the games in 2013 said it would cost $7.3 billion.
However, with the games delayed until July 2021 due to the novel coronavirus, there are now new costs associated with the delay.
The Japanese news outlet Kyodo News reported that the postponement will add an estimated $2.7 billion in costs.
On Tuesday, Japanese organizers and the International Olympic Committee (IOC) got into a spat over covering those additional costs.
In a Q&A section on the IOC's website, the organization said Japanese Prime Minister Abe Shinzo had agreed to handle the extra costs.
"Japanese Prime Minister Abe Shinzo agreed that Japan will continue to cover the costs it would have done under the terms of the existing agreement for 2020, and the IOC will continue to be responsible for its share of the costs," the answer read.
"For the IOC, it is already clear that this amounts to several hundred millions of dollars of additional costs."
Tokyo spokesman Masa Takaya said on a conference call that it was not "appropriate" for Abe's name "to be quoted in this manner." Takaya said they asked the IOC to take down the answer.
Later on Tuesday, the IOC website changed the answer to say, "The IOC and the Japanese side, including the
According to The New York Times, Tokyo organizers said IOC president Thomas Bach and Abe had not discussed a breakdown of the payments as a result of the postponement.
The Associated Press reported on Tuesday, however, that the burden will fall on Japan, which is undergoing an economic downturn due to the coronavirus.
The costs of the postponement include maintaining venues, including the Olympic and athletes village, securing new venues, plus renegotiating contracts with hotels, transport, security, staff, and more.Read the original article on Insider
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