Title : The Olympic Games Are Not Cheap
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The Olympic Games Are Not Cheap
Zero Hedge: The Massive Costs Behind The Olympic Games
The 2020 Olympics are finally underway in Tokyo. Japan has been averaging 3,000 cases a day this week while only 22 percent of the public has been fully vaccinated.
The event is now set to take place behind closed doors which is a bitter blow for both the public and organizers after a massive amount of work and investment.
Cost overruns have become the norm for host cities and it is estimated that postponing the games by a year cost Japan $2.8 billion, two-thirds of which was paid with public funding. That has come on top of a project that is already severely overbudget. When the Japanese capital was awarded the Olympics in 2013, the bid committee projected a final bill of $7.3 billion and this was revised upwards to $12.6 billion in December 2019 before the postponement. Japan's National Audit Board later reported that the final cost would be far higher at $22 billion. Financial newspapers Nikkei and Asahi claim that the end cost of hosting the Olympics will actually amount to a whopping $28 billion.
Read more ....
WNU Editor: For the Tokyo Olympics what is already a bad situation may in fact get worse .... Typhoon threatens to hit Tokyo just days into the Olympics (NYPost).
Zero Hedge: The Massive Costs Behind The Olympic Games
The 2020 Olympics are finally underway in Tokyo. Japan has been averaging 3,000 cases a day this week while only 22 percent of the public has been fully vaccinated.
The event is now set to take place behind closed doors which is a bitter blow for both the public and organizers after a massive amount of work and investment.
Cost overruns have become the norm for host cities and it is estimated that postponing the games by a year cost Japan $2.8 billion, two-thirds of which was paid with public funding. That has come on top of a project that is already severely overbudget. When the Japanese capital was awarded the Olympics in 2013, the bid committee projected a final bill of $7.3 billion and this was revised upwards to $12.6 billion in December 2019 before the postponement. Japan's National Audit Board later reported that the final cost would be far higher at $22 billion. Financial newspapers Nikkei and Asahi claim that the end cost of hosting the Olympics will actually amount to a whopping $28 billion.
Read more ....
WNU Editor: For the Tokyo Olympics what is already a bad situation may in fact get worse .... Typhoon threatens to hit Tokyo just days into the Olympics (NYPost).
Thus articles The Olympic Games Are Not Cheap
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