The Strategist

WSJ: Tokyo Games to become most expensive summer Olympics in history

07/26/2021 - 04:18

The cost of hosting the Tokyo Olympics, according to Japanese government auditors, exceeds $20 billion, The Wall Street Journal reported.

Max Pixel
Max Pixel
Thus, the current games will be the most expensive summer Olympics in history. Previously, Japanese authorities reported that the Olympics cost $15.4 billion.

The final sum is almost three times bigger than the original forecast of the cost of the Olympics, which was made when Tokyo applied to hold it - then they were talking about $7.4 billion. Previously, the first place in expenditures among the summer games was occupied by the London Olympics in 2012 with $11.04 billion. In the case of Tokyo, $2.8 billion was added to the cost by postponing the games for a year because of the COVID-19 pandemic.

With the record costs of the games, revenues from the Tokyo Olympics are expected to be lower than anticipated. With a fairly high incidence of COVID-19, including among visiting athletes and members of delegations, the games are being held with very strict restrictions - no foreign fans, local spectators will also not be allowed at Olympic events in six Japanese prefectures, including Tokyo.

Toyota Corporation, one of the Olympic sponsors, announced shortly before the opening ceremony that it would not air any TV ads with an Olympic theme. According to a mid-July poll conducted by the Asahi Shimbun newspaper, more than half of Japanese oppose holding the games amid the ongoing pandemic.