The International Olympic Committee (IOC) President Thomas Bach said on Thursday that the IOC is willing to bear up costs of upto $800 million in the organisation of the postponed Tokyo Olympics. According to Bach, IOC has allocated the funds to tackle the hardships created by the Coronavirus pandemic which has forced the postponement of the Summer Games.Also Read - US Announces $25 Million Aid To Support India's COVID Vaccination Process

Tokyo Olympics 2020 was postponed to 2021 this March due to the COVID-19 crisis which has killed an estimated 3 lakh people worldwide and infected over 4 million. “We anticipate we will have to bear costs of up to $800 million for our part and responsibilities in the organization of the postponed Games Tokyo 2020,” Bach said in a teleconference after the IOC’s Executive Board meeting. Also Read - Two-Third of Population Surveyed in 11 States Have Coronavirus Antibodies, Says ICMR Serosurvey

IOC president Bach said the body had released ‘an envelope of up to USD 800 million to address the financial consequences of this COVID-19 crisis’. The envelope has two parts: USD 650m (602 million euros) which “refers to the cost of organisation” of the postponed Games; and USD 150m as an aid package for the Olympic movement, in particular international federations and Olympic committees. Also Read - Gujarat Lockdown: State Relaxes Curbs, Reduces Night Curfew Timing | Full List of Guidelines Here

This is the first time that the IOC is publicly stating the extent of additional costs that it has to bear due to the unprecedented postponement of the Games.

Bach also denied any speculation on a potential second postponement of the Games or shifting it to a different venue if a vaccination is not found for coronavirus by the time the Games start.

“We are now working with full engagement for the success of Tokyo 2020 in 2021 and to have these Games in a safe environment for all participants,” he said.

“We are one year and two months away from the opening of these postponed Olympic Games. We should not fuel any speculation on any future development.”

The IOC, which has approximately USD 1 billion (926 million euros) in reserves, in March took the historic decision to postpone the Games. The Olympic Games are now scheduled to start on July 24, until July 23 to August 8, 2021. It was the first peacetime postponement of the Games.

(With Agency Inputs)