The Olympics is the most popular sporting event because it is steeply rooted in tradition and oftentimes has a lot of money being poured into the event.
The cost of the 2020 Tokyo Olympics (in 2021), which began July 23, is on track to become the most expensive Olympic games in history after factoring in the costs of the pandemic, which delayed the games by one year.
In 2013, when the International Olympic Committee (IOC) first awarded Tokyo the games, Tokyo Olympic organizers said the games would cost $7.5 billion USD.
As the Tokyo Olympics drew closer, the budget grew to $12.6 billion USD.
But once the pandemic hit, that number grew by 22% to $15.4 billion USD, according to the Associated Press.
The additional $2.8 billion USD included the cost of the one-year delay, renegotiating contracts, and implementing public health measures to stop the coronavirus pandemic from spreading.
Audits by the Japanese government showed, however, that the costs are higher than what has been published and are at least $25 billion USD.
A University of Oxford study published in 2020 said that the Tokyo Olympics were the most expensive Summer Olympics to date.
For comparison, the 2016 Rio Summer Olympics cost approximately $11.1 billion USD.
Related stories to the Olympics:
Why aren’t spectators at the Olympics this year?
How to watch Tokyo Olympics 2021: Free live stream, USA TV, channel
What are the new sports at the Tokyo Olympics?
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How much does it cost to host the Tokyo Olympics? - NJ.com
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