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The Olympics is one of the most celebrated sporting events in the world. After one year of a wait due to Covid-19 postponement, Tokyo Olympics brought the best of the world to one stage and made it a successful affair. In a recent development, the organising committee of the Tokyo Olympics have revealed that the final price tag of the Games has cost them double the city's original estimate in 2013.
The organising committee said on Tuesday that the Games had cost ¥1.42 trillion, the equivalent of US$13 billion at the time. At today's rates, with the yen at a 24-year low against the dollar, the figure would be $10.4 billion. Notably, the marquee event was held a year later than it was planned due to the pandemic and the spectators were banned from nearly all events, which took place under strict Covid-19 countermeasures.
The Games cost twice the ¥734 billion that the Tokyo Games organisers had predicted in their bid to the International Olympic Committee in 2013, but less than the final pre-Games budget unveiled in December 2020. According to reports, organisers were able to save some cash by simplifying the events and ignoring the cost of hosting millions of fans.
Tokyo experienced a Covid-19 surge last year as the Olympics approached, fuelling fears the event could worsen outbreaks in Japan and possibly the world. The northern Japanese city of Sapporo is now reportedly bidding to host the Winter Olympics in 2030. A March survey of Sapporo and the surrounding region showed that a majority of the public is in favour of holding the event. However, officials have ruled out holding a public referendum on the 2030 bid.
Speaking of India's performance at the Tokyo Olympics 2020, the South Asian nation registered its best tally by bagging seven medals, the highest-ever haul for the country, beating the tally of six medals at the 2012 London Games. India clinched one gold, two silver and four bronze medals at the Tokyo Games in an impressive show.