The Tokyo Olympics are to be postponed until 2021 after talks between Japan and the International Olympic Committee finally reached a consensus. The first postponement in the Olympic's 124-year history seems like an inevitable decision due to the coronavirus pandemic. Economists believe that the losses might exceed NT$170 billion.
The 2020 Olympics and Paralympics have been postponed for up to a year.
We have to postpone the Olympic and Paralympic Games Tokyo 2020 to the year 2021, with the aim to have it there, at the latest, in summertime '21.
International Olympic Committee President Thomas Bach said the decision was made to protect the health of everyone involved. The name "2020 Tokyo Olympics" will remain in place regardless of when the games are eventually held. Japanese Prime Minister Shinzo Abe says Japan will live up to its responsibilities as host nation.
We agreed to stay in close contact so we can hold the Tokyo Olympics and Paralympics in their complete form. This will show that humanity has overcome the new coronavirus.
This is the first postponement in the 124-year history of the Olympics. The Tokyo Organising Committee of the Olympic and Paralympic Games says the postponement is regrettable but necessary to protect athletes, workers and participants. It does not yet have an estimate of losses. One analyst estimates the Japanese economy will sustain losses of at least 600 billion yen, or NT$ 170 billion.
It's possible we won't be able to erase the loss in value even a year later. The impact of the epidemic means the number of bankruptcies in the tourism and tourism-related industries will only go up. It will be very difficult to economically get back to where things were (before).
The analyst says the postponement will affect the usage of 43 venues and the companies that manage the venues will suffer economic losses and maybe even go bankrupt. Hotel reservations will also be postponed, causing losses for operators. In addition, over 900 of the Olympic Village's 5,600 units have already been sold. This will create contractual issues between now and 2023. Whether people can get refunds for tickets already sold is another problem.