Official Costs of Tokyo Olympics Up by 22% to $15.4 Billion

TOKYO (AP) — The official cost of the postponed Tokyo Olympics has increased by 22% according to the local organizing committee. Organizers say the Olympics will cost $15.4 billion. This is up from $12.6 billion in last year's budget. The added $2.8 billion comes from the cost of the delay. It includes renegotiating contracts and measures to combat the COVID-19 pandemic. Audits by the Japanese government over the last several years show the costs are even higher and are at least $25 billion. When Tokyo bid for the games it said it would cost about $7.5 billion. A University of Oxford study this year says Tokyo is the most expensive Summer Olympics on record.