Students from the University of Oxford study the cost of Olympic games and the outcome of the pandemic. Estimated 22% increase to the initial amount addressed by the Tokyo committee.

(credit: AFP via Getty Images)
Due to the coronavirus pandemic the 2020 Tokyo Olympics had been postponed for a year, now to take place on the 23rd July 2021, followed by the Paralympic on august 24th.
As a result of this the estimated cost of the games £9.4bn has increased by 22% to £11.5bn.
The extra £2.1bn has come from the delay to the games because of the virus and added expenses from renewing contracts additions measure relating to Covid-19.
The Tokyo Olympics have recorded as the most expensive summer games and expected to increase as it gets close to the games.
This prediction was made by a study from the University of Oxford in Britain before the pandemic hit in March 2020.
In the Study it says; “Every Olympic since 1960 has run over budget, at an average of 172% in real terms, the highest overrun on record for any type of megaproject…for the first time, that coat and cost overrun for the Games follow a power-law distributions.”
(B. Flyvbjerg, A. Budzier, D. Lunn 2020)
According to Oxford the London Olympics was the most expensive games at £10.6bn but with the games due to take place in 2021 Tokyo is expected to exceed this amount.
In 2013 when the International Olympic committee (IOC) announced Tokyo won the bid to host the games, they only predicted a cost of £5.2bn.
The Japanese government has revived £5bn from a privately funded operation, however, is still responsible for the rest of the costs.
There has been a reduction to the cost according to the organisers in October. £209m reduction by removing hospitality offerings.
However there has been a full commitment to the sports program. With the hopes of sponsors, 11,000 athletes, over several hundreds of thousands of official and judges.

(CREDIT: Pixabay, PublicDomainPictures)





