16 months before Japan is set to host the 2020 Tokyo Olympics, the cost of putting on the next Games has almost quadrupled since the country successfully bid for the Olympics in 2013, and a national government report indicates the final budget could exceed $25 billion.
When Tokyo won the bid to host the Games in 2013, hosting costs were projected at $7.3 billion according to the current exchange rate of yen and U.S. dollars.
The Tokyo organizing committee then announced in December, that its 2020 Olympics budget was about $12 billion, $1.3 billion of which would come from the national government.
Now, however, the Board of Audit report indicates the national government is contributing an additional $5.8 billion, bringing the grand total of Games costs to just under $25 billion.
Who pays these high prices?
Taxpayers of the hosting city will foot a good portion of the bill. You guessed it right, Tokyo resident taxpayers will be tasked with paying a notable price for the 2020 Olympics.
Sources say,about 80 percent of the $25 billion budget — or roughly $20 billion — will come from taxpayer money.
For the 2012 London Games, taxpayers were responsible for $4.4 billion of the costs. Boston also pulled out of the 2024 Games bidding when the mayor found out locals could be held accountable for run-off costs.