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Tokyo 2020 Olympics budget set at $16.8 billion

The organisers of the Tokyo 2020 Olympics have set a budget of 1.8 trillion yen ($16.8 billion) for the Games, according to the first official budget.

The figure is below a cap of 2 trillion yen, but is still about six times more than the original estimate.

The International Olympic Committee (IOC), the Tokyo Metropolitan Government, the Government of Japan and Tokyo 2020 are continuing to work towards finding further budget cuts.

Tokyo governor Yuriko Koike, who was elected this year on a promise of bringing down costs for the Games, said some 40 billion yen would be saved after a review of the canoeing, volleyball and swimming venues. She said:

The three-party meeting by the committee, the central government and the Tokyo government, will get to work on specifics early next year. I want to strictly check who will pay for what as swiftly as possible.

Annoucning the budgets, the Tokyo organisers said:

The Tokyo 2020 Games will leave a number of positive legacies to Japanese society. Sporting facilities that will be newly built or improved, as well as enhanced security systems, technology, transportation infrastructure, and medical care, will continue to benefit Japanese society long after the Games.

Importantly, it will provide a host of intangible but real benefits, through bringing the entire nation together, renewing Japan’s reputation as a cultural, technological and creative destination internationally, demonstrating Japan’s recovery from the 2011 earthquake and tsunami and inspiring young people to achieve their personal best.