The cost of the coronavirus-postponed Tokyo Olympics will be slashed by $280 million (Sh30 billion), organisers said yesterday, touting a scaled-back, less flashy Games, with cuts to everything from staffing to pyrotechnics.
But the final cost of the event, officially budgeted before the pandemic at 1.3 trillion yen ($12 billion), remains unclear because additional expenses caused by the postponement have not yet been made public.
"Tokyo 2020 believes that this work will help to create a model for future global events including forthcoming Games amid the new normal in which we now live," organisers said in a statement after a presentation to the International Olympic Committee Executive Board.
They said they would put out an updated budget, including additional costs linked to postponement and coronavirus counter-measures, by the end of the year.
Plans for a lower-key event were unveiled in late September, with measures including fewer free tickets, scrapping athlete welcome ceremonies, and savings on banners, mascots and pyrotechnics.
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The size of behind-the-scenes delegations at the less opulent event will be reduced by 10 to 15 per cent, and perks also cut back, organisers and Olympic officials have said.
The 2020 Games were postponed earlier this year as the deadly new coronavirus spread around the globe, and are now set to open on July 23, 2021.