COVID-19: Cancelling Tokyo Games to cost Japan $17 billion

As per a report, the Nomura Research Institute has warned of even a bigger economic loss if a fresh state of emergency is declared.

With the Tokyo Olympics less than two months away, a research institute has estimated that cancelling the Games and Paralympics with an eye on the COVID-19 situation will cost Japan around 1.81 trillion yen ($17 billion). As per a report in Kyodo News, the Nomura Research Institute has warned of even a bigger economic loss if a fresh state of emergency is declared. "Even if the games are cancelled, the economic loss will be smaller than (the damage done by) a state of emergency," Takahide Kiuchi, executive economist at the Nomura Research Institute, said. Meanwhile, International Olympic Committee (IOC) President Thomas Bach has said the IOC is willing to send medical staff to Tokyo Olympics to deal with the COVID-19 situation.