The Olympics is one of the grandest highlights every year. Different countries coming together, with their athletes all fit and ready, with the whole team courageously waving the banner of their principality and with a heart trained to bring home the bacon.
Sadly, this year’s Olympics is postponed. It is supposed to be happening in Tokyo; Japan/ Olympic competition has been cancelled only three times in 124-year history and all because of global antagonism. This year, in the middle of uncertainty; related to the Coronavirus pandemic, the International Olympic Committee and the organizers of the 2020 Olympics in Tokyo announced the postponement of this premier event.
The Prime Minister of Japan exclaimed on social media that the games would be held “by the summer of 2021.” Also considering the travel ban due to the widespread of the virus, the organizers have the unanimous decision to postpone it by a year. But the raging question is how it will affect the athletes at the same time the financial implications of this decision?
What does this mean for the athletes?
A lot of people are asking about this very question and considering that the athletes who are to compete in the various games had their full preparation and training prior to this event. According to the IOC, more than 6,000 athletes had already qualified for this grand event, and thousands more are still wishing for a spot. It’s devastating, bringing ache to the stomach.
However, the postponement is still the best decision ever made, especially in such a time as this. It is painful, yet most of the athletes will dedicate themselves to keep on training – a task more complicated while in pandemic and observing health protocols, in able to achieve the set goals for 2021. On the other, less fortunate athletes are in the middle of thinking about whether to continue or not. They are to decide if it’s still worth their time to pursue their athletic career.
What are the financial implications of this decision?
The actual cost of the Olympic Games can be enormous; especially in hosting this big event. The games commit a large amount of money, administrative fees, construction costs, insurances and infrastructures.
With regards to postponing it, it will affect the financial status of the host country and at the same, the cost of other countries upon preparing and training.
These are the characterized expenses that will undoubtedly be affected:
Operational Cost: Technology, Administration, Ceremonies and Medical Services will fall in this area. These expenses will surely suffer.
Direct Cost: The nations and other investors involved in constructing essential facilities will also be affected. This includes insurance.
The Covid-19 pandemic brought unmatched tumults to the realms of finance, commerce and sport.
Given the global humane and financial costs of coronavirus transmission, the postponement of the 2020 Tokyo Olympics is a secondary concern. As for the administrative committee, the game is rescheduled for July 2021, but even that date is far more trustworthy. But then, whether delayed or cancelled, the economic consequence will likely prove severe.