Tokyo Games Cost Estimate Rises to 1,644 B. Yen
Tokyo, Dec. 22 (Jiji Press)--The total costs for next year's Tokyo Summer Olympics and Paralympics will likely reach 1,644 billion yen, the organizing committee for the games said Tuesday.
The figure, shown in the fifth draft of the budget for the sporting events, is up by 294 billion yen from the level forecast in the fourth-version draft, which was unveiled in December 2019, before a decision to put off the Tokyo Games by one year to 2021 due to the novel coronavirus pandemic was made in March this year.
Of the newly projected amount, 721 billion yen will be shouldered by the organizing committee, 702 billion yen by the Tokyo metropolitan government and 221 billion yen by the Japanese government.
The amount to be borne by the organizing committee would grow by 118 billion yen from December 2019 projection. The committee plans to use 27 billion yen of reserve funds and 76 billion yen in estimated revenue growth to cover part of the increment, with the remaining 15 billion yen to be covered by adjustment funds from the Tokyo government. Therefore, the metropolitan government is effectively slated to pay 717 billion yen of the total costs.
The estimated 76-billion-yen revenue growth at the committee includes some 50 billion yen in benefits from an insurance policy covering the cancellation of events related to the Tokyo Games following the one-year postponement. The rest breaks down into roughly 2 billion yen from the International Olympic Committee, which is linked to the relocation of the venues for the Olympic marathon and race walk events from the Japanese capital to Sapporo, the capital of the northernmost Japan prefecture of Hokkaido, and about 24 billion yen in add-on funds from sponsor companies.
[Copyright The Jiji Press, Ltd.]