TOKYO, Japan – Tokyo 2020 will cost six times more than originally estimated, according to a BBC report.
The cost of hosting the Games was originally estimated at 300 bn yen (USD $2.5 billion) but that figure has now risen to 1.8 trillion yen (USD $14.9 billion).
The rise is said to be due to unexpected payments for building lanes on highways, as well as rising material costs and personnel expenses.
Tokyo was announced as Olympic Games 2020 host at the 125th IOC Session in Buenos Aires, Argentina, on 7 September 2013. Tokyo will also be hosting the 2020 Summer Paralympics.
The games are planned to be held from 24 July to 9 August 2020 in Tokyo, Japan. Tokyo previously hosted the 1964 Summer Olympic Games, and in 2020 will become the fifth city (and the first city in Asia) to host the Summer Olympic Games more than once.