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Swagsberyls (talk | contribs) Added information about the final balanced budget and total cost for the Tokyo 2020 Olympics to the “Cost of the Games” section. This includes detailed sources of revenue, expenditures, and overall financial results, referencing the IOC News and AP News articles. |
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It has been documented that cost and cost overrun for the Games follow a [[power-law distribution]], which means that, first, the Games are prone to large [[cost overrun]]s and, second, it is only a matter of time until an overrun occurs that is larger than the largest to date. In short, hosting the Games is economically and financially extremely risky.<ref name=":0">{{Cite journal|last1=Flyvbjerg|first1=Bent|last2=Budzier|first2=Alexander|last3=Lunn|first3=Daniel|date=1 September 2020|title=Regression to the Tail: Why the Olympics Blow Up|url=https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3686009|journal=Environment and Planning A: Economy and Space|ssrn=3686009|doi=10.2139/ssrn.3686009|arxiv=2009.14682|s2cid=233759692 |issn = 1556-5068 }}</ref>
The final cost for the Tokyo 2020 Olympics was reported to be JPY 1,423.8 billion (USD 13 billion). This was achieved by balancing revenues and expenditures through various efforts to increase revenue and continuously review expenditures. The primary sources of revenue included the International Olympic Committee (IOC) contribution of JPY 86.8 billion (USD 0.8 billion), TOP sponsorship of JPY 56.9 billion (USD 0.5 billion), local sponsorship of JPY 376.1 billion (USD 3.4 billion), an insurance payout of JPY 50 billion (USD 0.5 billion) for the postponement of the Games, and other sources including licensing. The expenditures included JPY 195.5 billion (USD 1.8 billion) for venue-related costs and JPY 444.9 billion (USD 4 billion) for service expenditures. The total cost also accounted for COVID-19 countermeasures amounting to JPY 35.3 billion (USD 0.3 billion). Despite initial estimates, the total costs were reduced by JPY 220.2 billion (USD 2 billion) from the budget announced in December 2020, and JPY 29.2 billion (USD 0.3 billion) from the estimated budget in December 2021. This successful financial management resulted in a balanced budget for the Tokyo 2020 Games.[https://olympics.com/ioc/news/tokyo-2020-organising-committee-publishes-final-balanced-budget][https://apnews.com/article/2020-tokyo-olympics-games-total-cost-8ec49ea2ea9d7316f37ffd20770a2742]
===Economic and social impact on host cities and countries===
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