Japanese media: the direct economic loss of delaying the Tokyo Olympic Games is about 6 billion US dollars

 Japanese media: the direct economic loss of delaying the Tokyo Olympic Games is about 6 billion US dollars

The Japanese times reported that the losses caused by the postponement of the Olympic Games were about 5.8 billion US dollars. Nikkei news believed that the losses were between 5.4 billion US dollars and 6.3 billion US dollars. These losses were only the losses of the Olympic Games itself and the financial consumption caused by the postponement of one year. If the Olympics were cancelled, the losses would be $41 billion.

Delaying the Olympic Games is a huge project, which will bring numerous problems to the organizers and the host city Tokyo. The most direct loss is the default of many projects. The Olympic Village in Tokyos sunny sea was planned to be converted into apartments for sale after the games. There are about 4100 houses, many of which have been sold. The delivery time is March 2023. If the Olympic Games are delayed, many buyers will surely demand compensation for their losses.

The issue of compensation in the Olympic Village will be very complicated, said an official of the Olympic Organizing Committee

The main news center and the international broadcasting center of the Olympic Games rent the venue of the Tokyo International Exhibition Center. The borrower of the exhibition center next year has been determined. For the Olympic Organizing Committee to rent the largest exhibition hall in Tokyo again, not only the rent, but also the huge compensation to the new exhibitors. Many other venues and hotels face the same problem. Many hotels are contracted by the Tokyo Olympic Organizing Committee. During the Olympic Games, their rooms have been fully booked by the Olympic Organizing Committee. These losses need to be evaluated.

Labor costs are also a very large expense. The Tokyo Olympic Organizing Committee now has more than 3000 staff. With the approaching of the games, the Olympic Organizing Committee also hired some short-term contract staff. After the postponement of the Olympic Games, everyones contracts will be signed again, and the unplanned labor cost will surge.

In addition to direct economic losses, indirect losses are larger and more far-reaching. Tokyo and Japan have been preparing for the Olympic Games for seven years. The whole country is full of enthusiasm to welcome the Olympic Games. Delaying the Olympic Games is a very heavy blow to the confidence of the whole nation.

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