Tokyo Olympics cancellation would cost Japan about $17 bln

Tokyo Olympics cancellation would cost Japan about $17 bln
# 26 May 2021 12:33 (UTC +04:00)

Japan's economic losses would likely amount to about 1.81 trillion yen ($17 billion) in case of cancellation of this summer's Tokyo Olympics and Paralympics, media reported on Tuesday, citing the Nomura Research Institute, APA reports citing Kyodo.

According to Kyodo news agency, the institute has warned of even bigger economic losses if the government declares a new state of emergency to combat yet another spike of COVID-19 in the country after holding the Tokyo Olympics and Paralympics as scheduled.

"Even if the games are cancelled, the economic loss will be smaller than (the damage done by) a state of emergency", Takahide Kiuchi, an executive economist at the Nomura Research Institute, said as quoted by the media outlet.
According to the data, holding the Tokyo Olympics without spectators will result in 1.66 trillion yen ($15 billion) in revenues, which is some 146.8 billion yen ($135 million) less if domestic spectators attend arenas.

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