TOKYO PANEL DISCUSSES 2020 OLYMPIC COST CUTS
$30bn New estimated cost of the Tokyo Olympics
A Tokyo metropolitan government panel reviewing costly Olympic venues has proposed downgrading the expensive rowing and canoeing site for the 2020 Tokyo Games to temporary quality, or moving the events to an existing site in northern Japan. Governor Yuriko Koike said a downgrade could decrease the estimated construction and operational cost of the Sea Forest venue from an original $700 million to about $300 million. Alternatively, using the existing facility in Miyagi would require investing an estimated 35 billion yen ($350 million) to meet Olympic standards. The panel of academics and business consultants that the governor set up has said the cost of the Olympics could exceed $30 billion – four times the initial estimate – unless drastic cuts are made. The city panel also proposed options of moving volleyball and swimming back to existing ones.