What better way to start the day than waking up to the news of India winning an Olympic Hockey medal after 41 years.🥉
With few other medals appearing on the horizon, Tokyo 2021 surely seems like a successful Olympic campaign for India
Now, while you have been sharing hashtags and posts on social media platforms on India’s win as you should, have you wondered how much money does it take to organize one of world’s biggest sporting event? Let us give you a hint, it may take quite some time to count the number of zeros in that amount. 💰
Intrigued?
Then what are you waiting for? Let’s dive in.🏊♀️
From Tokyo with Love 💰💌
How much has been spent on the Tokyo Olympics 2021?
It is a bit difficult to pinpoint the exact amount however we have several reports which give us an idea about the expenditure.
Let’s travel back to 2013 when Tokyo was awarded the 2020 Olympics. At that point in time, the bid committee estimated a total cost of $7.3 billion for the event. By December 2019, the cost had already escalated the total official figure stood at $12.6 billion.🤯
However, the final blow was yet to come-The Pandemic.😷
The royal event which was supposed to take place between July 24 and August 09, 2020, had to be postponed to the next year and this postponement added another 22% to the cost, taking the total amount to a whopping $15.4 billion.
However, the tale doesn’t end here. Audits have suggested that the actual figure is almost double that amount. Some of the famous newspapers estimated the actual cost to be around $28 billion (cough…that’s a lot of money…cough)
How do the Japanese people feel about this year’s Olympics?
As a society that thrives on the concept of solidarity and consensus, the Olympics proved to be a point of exception. The Japanese society seems to be split regarding their opinion of hosting the Olympics this year. Many feel it is an irresponsible and callous move to hold the Olympics amidst the pandemic. A major part of the country saw a spike in the number of cases at the beginning of July leading to the reimposition of some of the restrictions. It hasn’t been doing exceedingly well when it comes to vaccination too.
And the fact that a significant chunk of the expenditure will be funded from tax money doesn’t help the cause either.😔
There has been significant controversy around how well will the Olympics bore for the Japanese economy, especially after the loss of revenue from Tickets. The opinion remains divided on this. While some believe it will be a positive push to the economy, others are not so convinced.
What has been the impact of the Olympics on host countries in the past?
Hosting an event like the Olympics is a huge economical commitment.💵
The Rio Olympics of 2016 hasn’t had the best impact on the Brazillian economy, in the short run at least. Along with holding a mega-event like the Olympics, the government also had to spend on containing the Zika virus. The ordinary citizens had to endure the brunt of this mega-expenditure for a long time, although some studies claim that the games did have a positive impact on the economy in the long run.
The expenditure in the 2012 London Olympics also exceeded its budget significantly, however, the Olympics did prove to be a boost for the economy.
So what are your thoughts on hosting the Olympics this year? Let us know in the comments.
Tax on Belt Buckles? Crazy Tax Story
Dressing up like a cowboy might be a tad bit more expensive in Texas🤠
💭 Byte of The Day
One step closer to Digital India with e-RUPI
🤔 Wondering what happened to those goofy, odd & bizarre tax quotes? With the tax season knocking at the door, we thought, let’s talk taxes. 😉