Monday, August 15, 2022

Tokyo Olympics cancellation could cost Japan up to 17 billion dollars

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With only a few months until the Tokyo Olympics, a new report claims that the big event’s cancellation might cost Japan USD 17 billion. The games will cost 1.66 trillion yen if they are hosted without spectators. According to Kyodo News, if a state of emergency is proclaimed to deal with a surge of COVID-19 cases during the Tokyo Olympics, there might be even greater economic damage.

According to Takahide Kuichi’s (an executive economist at the Nomura Research Institute) estimations, the initial emergency declaration in spring 2020 culminated in a 6.4 trillion-yen economic loss, while the second between January and March 2020 resulted in a 6.3 trillion-yen financial damage.

The latest declaration, which started in late April, is expected to result in a 1.9 trillion-yen loss. If the government decides to extend the state of emergency beyond May 31, the amount will almost certainly rise. The country’s vaccination rollout is picking up steam. However, it still trails behind other first-world nations like the United States and England, where indications of stability are beginning to surface.

A public backlash has erupted in Japan before the Tokyo Olympics, with more than 80% of the population opposing the games’ hosting. This trend coincides with a recurrence of COVID-19 infections in Japan, particularly in Tokyo. The prefectures have been declared emergency zones in order to relieve the pressure on hospitals in the worst-affected areas. Japan’s national emergency does not include strict lockdown regulations like those used in England and other nations to relieve the pressure on hospitals treating patients in the impacted areas.

After a 5.1 percent drop in the first quarter, the country is at risk of another drop in the current quarter. Nevertheless, John Coates, Vice President of the International Olympic Committee, has stated that the Tokyo Olympics will be held regardless of the situation.

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