Japan’s audit board has confirmed that the final cost of hosting the delayed Tokyo Olympic and Paralympic Games was JPY1.7tn (£10.7bn/€12.2bn/$12.9bn) – about 20% more than previously stated by the local organising committee (LOC).
The discrepancy between the two figures was due to a recalculation in the central government’s share of the costs associated with staging the event, with the board adding about JPY280bn in Games-related expenses that had not been allocated in the LOC’s final report in June.
These expenses included more than JPY33bn in additional costs associated with renovating the National Stadium, as well as other subsidies to local governments for venue renovations, as well as athlete training facilities and anti-doping measures.
The board urged the central government to “reveal the total costs in a timely manner when it is substantially involved in a major event” in the future.
Tokyo hosted the Olympic and Paralympic Games in 2021 after the events were postponed by 12 months due to the COVID-19 pandemic. Organisers originally said in June that JPY864.9bn was spent on venue-related expenditure.
The organising committee said earlier this year that the total expenditure for the Games had been reduced by JPY 220.2bn from the version five budget announced in December 2020 and JPY29.2bn from the estimated Games budget announced in December 2021.
As well as the JPY864.9bn spent on venue expenses, JPY523.6bn was spent on service costs such as competition and venue operations, transportation and security; and JPY35.3bn was spent on COVID-19 countermeasures. Total expenses specifically related to the Paralympic Games were tagged at JPY151.4bn.
COVID-19 restrictions meant that the Olympics and Paralympics went ahead without any spectators, which significantly impacted revenue generated by the events. The initial bid slated the total hosting cost at JPY734bn.
Image: Shinnosuke Ando on Unsplash
