Tokyo Olympics 2021 to cost IOC additional $800 million: Thomas Bach

The International Olympic Committee (IOC) President Thomas Bach said on Thursday that the committee is willing to bear an additional cost of upto $800 million in order to successfully conduct the Tokyo Olympics 2021. Initially scheduled for 2020, the Olympics were postponed due to the ongoing coronavirus pandemic. 

"We anticipate that we will have to bear costs of up to $800 million for our part of the responsibility for the organisation of the Games," Thomas Bach said during a conference call after IOC executives meeting. The German said a funding package of $650 million will be allotted for the Tokyo Olympics 2021, while an additional $150 million will be used for supporting international federations and national Olympic committees.

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Tokyo Olympics cost: Tokyo Olympics 2021 to cost up to $800 million more

Thomas Bach's estimate cost is only the cost incurred by the IOC, which does not include the cost the Japanese government and the organisers of the Tokyo Olympics will have to incur due to the postponement of the event. As per latest reports, Tokyo Olympics 2020 was due to cost around $12.6 billion in total. It included the cost incurred by the IOC, the Japanese government and the organisers. 

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Several reports suggested the IOC will be forced to abandon the Tokyo Olympics 2021 altogether if the COVID-19 pandemic is not contained by the start of 2021. While Thomas Bach did not indulge in the speculation, the IOC President said, "We have a task force to ensure the organisation of the Games in a safe environment. The advice of the World Health Organisation (WHO) plays an important role. All this would greatly depend on the developments in the months to come."

Bach noted the said taskforce is constantly in discussions with medical and health experts in regards to any development amid the crisis. The German insisted 14 months is still a long time and that it is "too early to draw any conclusions".

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The Tokyo Olympics 2021 is scheduled to start of July 23, 2021 and will continue through August 8, 2021. Due to the circumstances, Thomas Bach said that the IOC is planning to cut costs in the event without compromising the spirit and quality of the Olympic Games. Back says the committee wants the Olympics to be a frugal event and concentrate only on the essentials.

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