Tokyo Olympics Postponed...? Organizing Committee "Preparing for Postponement"

One Month, 45 Days, 1-2 Years Delay Expected
Economic Loss of 51 Trillion Won if Not Held on Time

[Image source=Yonhap News]

[Asia Economy Reporter Hyunju Lee] Due to the spread of the novel coronavirus infection (COVID-19), signs are emerging that the opening of the Tokyo Olympics may be postponed.

A major foreign media outlet reported on the 22nd that the Tokyo Summer Olympics Organizing Committee has quietly begun preparations for postponing the Olympics.

According to the report, anonymous sources close to the Tokyo Organizing Committee stated that the committee has prepared a draft related to the postponement of the Olympics.

Currently, public opinion, especially among athletes from Europe and the Americas who have been severely affected by COVID-19, is rapidly rising in favor of postponing the Olympics, leading the Japanese government and the Tokyo Organizing Committee to swiftly shift toward establishing a realistic alternative.

It is also known that various alternatives are being considered, taking into account cost assessments depending on the timing of the postponement. If the Tokyo Olympics cannot be held on time, the Tokyo Organizing Committee and the Japanese government will not be able to avoid enormous economic losses. Japanese economic experts predict losses amounting to 51 trillion won, including TV broadcasting rights fees, various sponsorship support costs, labor costs, and advertising expenses.

Discussions reportedly mentioned postponements of one month or 45 days, as well as delays of one to two years.

The International Olympic Committee plans to hold an executive board meeting this week to establish guidelines regarding whether the Tokyo Olympics will proceed as scheduled.

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