Japan Could Lose ¥4.5 Trillion if Tokyo Olympics Are Cancelled

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Andrea Lidwina 05/05/2021 17:00 WIB

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The Tokyo 2020 Olympics will proceed despite the COVID-19 pandemic. Cancellation of the international sporting event would result in losses of up to ¥4.5 trillion, or US$41.3 billion.

Estimated Economic Losses from the Tokyo 2020 Olympics (as of January 2021)

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Japan Could Lose ¥4.5 Trillion if Tokyo Olympics Are Cancelled

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Estimated Economic Losses from the Tokyo 2020 Olympics (as of January 2021)

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The Tokyo 2020 Olympics will proceed despite Japan still facing a fourth wave of the COVID-19 pandemic. The international sporting event will not be canceled due to the potential losses, estimated at ¥4.5 trillion (US$41.3 billion) as of January 2021.

If the event is held without spectators, the estimated loss is ¥2.4 trillion (US$22.1 billion). The loss is predicted to be smaller if the Tokyo 2020 Olympics are simplified, amounting to ¥1.4 trillion (US$12.7 billion). Meanwhile, the estimated loss from postponing the event is ¥640.8 billion (US$5.9 billion).

One of the economic losses from the cancellation of the Tokyo 2020 Olympics last year stemmed from television broadcasting rights contracts. Furthermore, losses arose from reduced sales of event-related souvenirs.

Editor : Dimas Jarot Bayu

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."