Japan Olympic Committee Estimates Tokyo Olympics Postponement Cost at 300 Billion Yen

More than 3 trillion won in additional costs needed for stadium rental, athlete village, accommodation, etc.
Tokyo city, central government, and Olympic committee have not yet decided on the cost-sharing ratio

[Image source=Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] The Tokyo Olympic Organizing Committee has estimated that the additional costs due to the one-year postponement of the Tokyo Olympics amount to 300 billion yen (approximately 3.309 trillion KRW). It is expected that the issue of cost-sharing among Tokyo City, the Olympic Organizing Committee, and the central government will become a new topic of discussion.

On the 25th, the Nihon Keizai Shimbun reported, citing a Tokyo Olympic Organizing Committee official, that the additional costs arising from the one-year postponement of the Tokyo Olympics and Paralympics, originally scheduled to open on July 24 this month, would reach 300 billion yen.

The Tokyo Olympic Organizing Committee stated that this figure was estimated at this point based on additional costs related to re-leasing venues with the International Olympic Committee (IOC) and personnel expenses for organizing committee staff due to the one-year postponement. Specifically, costs arise when re-contracting venues and hotels where officials stay, and personnel expenses for organizing committee staff and security personnel are also expected to increase due to the one-year delay.

However, Nihon Keizai reported that there is a possibility that the amount could decrease through negotiations with venue owners and others in the future. Regarding the venues, there are options to cancel the contracts and lease again or to continue leasing while repairs are carried out until the Olympics next year.

Regarding the additional costs due to the Olympic postponement, the cost-sharing ratio among the central government, Tokyo Metropolitan Government, and the organizing committee has not been determined, so the issue of cost-sharing is expected to become a topic of discussion. Concerning the cost-sharing issue, organizing committee Secretary-General Mut? Toshiro said at a press conference the day before, "We will consult with the IOC, the organizing committee, Tokyo Metropolitan Government, and government officials."

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