Opinion on holding the Tokyo 2020 Olympics and Paralympics in Japan 2021
Tokyo 2020 Olympic and Paralympic Games financials
The Olympic Games is the biggest and possibly most anticipated sporting event in the world. Hosting it does not come cheap. In the case of the Tokyo 2020 Olympics and Paralympics, the cost was planned to be shouldered by multiple entities. Following the Games’ one-year-long postponement, the fifth version of the revised budget for the Tokyo 2020 Olympics and Paralympics was released in December 2020, revealing the plan to further raise the budget by a few hundred billion Japanese yen. The new official cost for the Games surpassed the 1.6 trillion Japanese yen mark, more than double the size specified in the original draft.With the advent of COVID-19, the Games became a financial liability. The postponement entailed increased financial burdens and depending on the future scenario awaiting the Games, the originally projected monetary gains might disappear altogether.