Tokyo Olympics cost twice original budget - reports
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Japanese media reports said on Tuesday that the amount paid by Japan for the 2020 Tokyo Olympics is double the one spent in the 2013 bid.
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Tokyo Games had 376 billion yen, the highest domestic sponsorship revenue.
Japan paid 1.42 trillion yen ($10.5 billion) for the 2020 Tokyo Olympics. The amount is double the one spent in the 2013 bid, according to Japanese media reports on Tuesday.
The Kyodo news agency reported that the Tokyo Games organizers board has submitted the final budget report to the International Olympic Committee (IOC) and is getting ready to be dissolved later this month.
While the games were postponed in 2020 for a year because of the Covid-19 pandemic, which caused additional expenses, the final cost was in line with the 2016 preliminary budget of 1.5 trillion yen due to streamlining efforts, according to the organizers. The organizers cited Kyodo as saying that this sum was even lower than forecast in December as some of the work for the venue's restoration cost less than expected.
Covid-19 countermeasures cost Japan 38 billion yen in addition to the amount of 14.4 billion yen that was reserved to pay for unexpected issues, like lawsuits.
The ticket revenue was expected to be 90 billion yen; however, it was decided that spectators would be banned from most venues due to the pandemic, so only 400 million yen was gained in ticket sales.
The news agency reports that Tokyo Games had 376 billion yen, the highest domestic sponsorship revenue.
The organizing committee believes that Japan fulfilled its responsibility in hosting the games in unprecedented circumstances, avoided the spread of the virus, and put the safety and security of the people on its priority list.
During the games, the country also showed its recovery from the 2011 earthquake, tsunami, and nuclear disaster.
The Summer Olympics in Tokyo were scheduled for 2020, but due to the coronavirus pandemic, they were postponed for a year. The games occurred from July 23 to August 8 and were the first in history to be held without spectators.
