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Tokyo Olympics Expenditure Doubles Initial Estimate

Tokyo Olympics Expenditure Doubles Initial Estimate

The Tokyo 2020 Olympic Games Organising Committee announced total expenditure totalled JPY1.42 trillion (AUD$15.3 billion), doubling initial projections of JPY734 billion (AUD$7.8 billion).

In the budget report dating 21 June 2022, the International Olympic Committee’s (IOC) budget was US$5.8 billion (AUD$8.3 billion) on the Games, with contributions by the Government of Japan and Tokyo Metropolitan Government combining for JPY1.42 trillion (AUD$15.3 billion) expenditure.

The delay of the games until 2021, caused by the COVID-19 pandemic, cost Tokyo 2020 organisers an additional JPY294 billion (AUD$3.2 billion)

The breakdown of expenses incorporates spending on venue related expenditures (AUD$11.4 billion), service expenditures (AUD$6.95 billion), COVID-19 countermeasures (AUD$0.43 billion) and Paralympic Games spending (AUD$2 billion).

Following the Games postponement, in a May 2022 report, the International Olympic Committee stated savings of US$2.1 billion (AUD$3 billion) was harnessed to inject US$280 million (AUD$405 million) in Games optimisations.

The IOC say the final expenditure was US$213 million (AUD$308 million) less compared to a December 2021 prediction.

The budget, presented at Tokyo 2020’s final executive board meeting, is set to cease operations and enter liquidation in late June 2022.

Elsewhere, Japanese city, Sapporo, has recently confirmed it has placed a bid to host the 2030 Winter Olympic Games.

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