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]