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Tokyo 2020

Cancelling Tokyo Olympics will cost Japan $17 billion: Reports

A research conducted by Nomura Research Institute has revealed that the cancellation of 2020 Tokyo Olympics due to the covid-19 pandemic will mount losses up to $17billion for Japan.

Cancelling Tokyo Olympics will cost Japan $17 billion: Reports
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By

Abhijit Nair

Updated: 2021-05-27T09:14:31+05:30

A research conducted by Nomura Research Institute has revealed that the cancellation of 2020 Tokyo Olympics due to the covid-19 pandemic will mount losses up to $17billion for Japan.

But the Institute has warned that the surge in covid-19 in Japan after the completion of 2020 Tokyo Olympics will cost Japan more financially.

"Even if the games are cancelled, the economic loss will be smaller than (the damage done by) a state of emergency," said Takahide Kiuchi, an executive working with the Nomura Research Insititue.

The research further revealed that hosting the Games without spectators in the stadium would lead to losses worth $15billion.

Kiuchi stated that the first state of emergency in the country had led to losses worth $59billion, while the second emergency between January 2021 to March 2021 saw losses worth $58billion.

According to the estimates of Nomura Research Institute, the ongoing emergency will cost Japan $17billion and a further extension of it after 31st May 2021 will only add to the losses.

The fate of the 2020 Tokyo Olympics is currently hanging in balance as the Japanese citizens continue to voice strong opposition against the games. A recent survey conducted by daily Asahi Shimbun found out that around 80% of the Japanese population is against holding the Olympics under prevailing circumstances.

The International Olympic Committee (IOC), on the other hand, has maintained that they would go ahead with the Olympics even if the emergency situation persists at Tokyo.


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