Today the International Olympic Committee announced dates for the Tokyo Summer Olympics: July 23 to August 8, 2021, entrenching Japan’s economic devastation and creating problems for global sponsors.
- Officials expected the Olympics to boost Japan’s recovery with massive tourism, as the nation struggled economically pre-coronavirus and was ravaged by COVID-19, reports The New York Times.
- Though Japan has had comparatively low coronavirus virus instances, the global spread of this virus has had crippling economic effects–devastating tourism and exports.
- Without the Olympics,” Prime Minister Shinzo Abe approved a $530 billion relief package, the biggest in the Country’s history.
apan has invested an estimated $9 to $25 billion to prepare its funds to the Olympics, the infrastructure they will have to cover to keep takedown and reinstall next summer.
- Local and international corporations have dropped enormous amounts of cash for all those matches: with Japanese companies spending an estimated $3 billion on sponsorships restricted in timespan, resorts becoming billion-dollar restorations and NBCUniversal spending $1.4 billion for broadcast rights, as stated by the Diplomat.
With 1,866 cases of COVID-19 in Japan with 54 deaths and 424 recoveries, Japan has been comparatively unaffected by the virus, allowing the country to prevent shutdowns that have paralyzed nations like the U.S., Italy, and China.
The original Tokyo Olympics were to take place from July 24 to August 8 of this year. The Olympic Games were postponed last week under distancing limitations and self-isolation with the planet to prevent the spread of COVID-19. The times in history were in 1916, 1940 and 1944.