The International Olympic Committee (IOC) has created an $800 million fund to address the economic fallout of the coronavirus pandemic for the global sports community, and the largest part of the money will be directed to covering costs of postponing the 2020 Tokyo Summer Olympics, the IOC said in a press release on Thursday.
“The International Olympic Committee (IOC) anticipates that it will have to bear costs of up to USD 800 million for its part of the responsibilities for the organization of the Olympic Games Tokyo 2020, its own extended operations and the support for the wider Olympic movement. This amount will be covered by the IOC itself, including any funding from the Olympic Foundation”, the IOC said in a press release.
At least $650 million out of the $800 million is the organizational costs of the Tokyo Games in 2021, while the rest is an aid package for the Olympic Movement, including the international federations, National Olympic Committees, and other related organizations. The IOC also called on national organizations to continue their activities and support their athletes.
“The Olympic Movement is facing an unprecedented challenge. The IOC has to organize postponed Olympic Games for the first time ever and has to help its stakeholders come through this global crisis. This new situation will need all our solidarity, creativity, determination, and flexibility. We shall all need to make sacrifices and compromises. Extraordinary circumstances call for extraordinary measures”, IOC President Thomas Bach said during a press conference, as quoted by the press release.
Bach also said that safety was the main priority behind all of the IOC’s decisions and stressed the importance of following the guidelines of the World Health Organization while organizing the Tokyo Games next year.
In late March, the IOC and the Tokyo 2020 Olympic Games Organizing Committee announced the new dates for the Summer Olympics and Paralympics. The Olympic Games will take place from 23 July to 8 August 2021, and the Paralympic Games from 24 August to 5 September 2021.
