A Japanese economics professor has estimated Japan could lose up to $36 billion as it fights to contain the fallout triggered from the coronavirus outbreak and the postponement of the Olympics.
Those astronomical costs include cancellation maintenance fees for more than three dozen Olympic venues, compensation for thousands who have already purchased condos in the Olympic athletes village, and billions in broadcasting rights and pre-paid advertising, according to Sayuri Shirashi, an economics professor at Keio University.
Logistical nightmare: "The damage is quite big," Shirashi told CNN. "If we do it next year, we don't know how successful this 2020 Olympics will be."
Japanese authorities this week announced the postponement of the Tokyo 2020 Olympics to next year due to the coronavirus pandemic. Now organizing bodies face the mammoth task of resolving scheduling conflicts with other major sporting events and rescheduling Olympic qualifiers.
Unprecedented move: The Olympics have never been rescheduled in peacetime. In 1916, 1940 and 1944, the Games were canceled because of world wars.