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Revised budget unveiled for 2020 Tokyo Olympics

Tokyo Olympic organizers have unveiled a revised budget for the 2020 Summer Games. They said total costs were down from a recent proposal, but the figure was still more than double the original estimate.

Organizers of the Tokyo Olympics announced Wednesday they estimated the total costs to host the 2020 Games would be between 1.6 trillion and 1.8 trillion yen ($15-$16.8 billion, 14.4-16.2 billion).

The official cost estimate was slightly below the promised 2-trillion-yen cap, with operational spending expected to take up about half of the total budget.

International Olympic Committee Vice President John Coates had criticized the cap as too high.

More cuts needed

Tokyo's Olympic costs have soared amid Japan's reconstruction from the earthquake and tsunami in 2011, the year the city launched its bid for the games.

A Tokyo government panel has warned the eventual cost could exceed $30 billion, four times the initial estimate, without drastic cuts.

Outspoken governor Yuriko Koike has spearheaded a cost-cutting effort, proposing a review of three costly venues. She agreed to keep the venues for rowing, swimming and volleyball at their planned sites in Tokyo rather than moving them outside the capital.

hg/jd (AP, Reuters)

 

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