The cost of hosting the Tokyo Olympics and Paralympics last summer is expected to total ¥1.45 trillion ($12.7 billion), meaning there will be no extra burden on taxpayers as the amount is ¥191 billion less than an earlier budget plan, organizers said Wednesday.
The cost savings, presented at an executive board meeting of the Games' organizing committee in the capital, were achieved mainly because most events were held without spectators due to the COVID-19 pandemic.
Still, the price tag of staging the Olympics and Paralympics following an unprecedented one-year postponement is nearly double the planned ¥734 billion submitted to the International Olympic Committee in 2013 at the time of Japan's bid.
Outside of the ¥1.45 trillion figure, the central and Tokyo metropolitan governments have booked additional Games-related expenses, making the total cost bigger if they are taken into account. The total cost is expected to be finalized in June next year.
In December last year, the cost was estimated at ¥1.64 trillion, an increase of ¥294 billion due to the Games being rescheduled because of the pandemic and the need to take measures against COVID-19.
Having substantially fewer visitors from overseas and requiring less human resources as there were almost no spectators at venues lowered various expenditures.
Tokyo at the time was under a COVID-19 state of emergency, and even as losses from ticket sales hit the organizing committee, the cost reductions have compensated for a drop in revenue.
Meanwhile, food waste also became an issue. The organizing committee on Wednesday said only 19%, or 30,000, of the roughly 1.6 million meals prepared for volunteers and staff between July and September were consumed.