2020 Tokyo Olympics cost estimate reportedly comes in 7 times over budget
e 2020 Olympics and Paralympics — to be held in Tokyo, Japan — are estimated to cost seven times more than what was originally budgeted, Japanese newspaper The Mainichi reported on Friday.
Hosting the mega-events would cost Japan 801.1 billion yen ($7.03 billion), the report said, citing the country’s Board of Audit. That’s the agency that reviews government expenditure.
Japan, the world’s third-largest economy, had earlier estimated that the games would cost around 112.7 billion yen, according to the report.
Hosting the Olympics has become an expensive venture, and a number of past hosts — Brazil’s Rio de Janeiro and Russia’s Sochi, for example — went into debt after overshooting their budgets.
[“source”=CNBC]
