Tokyo Olympics delay costs may reach $2.8 billion

The cost of the postponement for the Tokyo Olympics could reach at least $2.8 billion in figures released by the Tokyo organizing committee, the Tokyo city government and Japan’s national government

About two-thirds of the added costs are being picked up by the two government entities, with the other one-third going to the privately funded organizing committee.

The operational cost for the delay is listed at 171 billion yen, or about $1.64 billion at the present exchange rate. The organizing committee and the Tokyo government share equally in covering the expenses. The national government will pick up a small portion.

Tokyo organizers also said they could add 27 billion yen (about $260 million) from a contingency fund to help cover added costs.

Tokyo costs are ballooning and could reinforce skepticism about holding the Olympics in the middle of a pandemic. Recent polls show the public is divided on the issue of the Olympics, and allowing fans from abroad to enter.

Prior to the postponement, Japan said the Olympics would cost $12.6 billion. But a government audit last year said it was likely twice that much. All but $5.6 billion is public money, before any delay costs.

Tokyo said the Olympics would cost $7.3 billion overall when it won the bid in 2013. And a University of Oxford study two months ago said the Tokyo Games are the most expensive Summer Olympics on record.

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