The Tokyo Games organizing committee released its fifth budget on Tuesday, with the total cost of the Olympics and Paralympics increasing to 1.64 trillion yen ($15.8 billion) due to the one-year postponement over the coronavirus pandemic.

Tokyo 2020 Olympics emblem (Kyodo)

The budget was raised by 294 billion yen to accommodate expenses related to setting up venues and maintaining the athletes village, including 96 billion yen allocated for countermeasures to prevent the spread of infection at next summer's games.

The budget for the opening and closing ceremonies was increased by 3.5 billion yen to 16.5 billion yen despite cost-cutting measures. This was due to increased labor costs and the added expense of having to store already completed structures.

It is the second time the ceremonies' budget increased. The 9.1 billion yen outlined in the bid stage was increased to 13 billion yen after a production outline became set.

The Tokyo Games were projected to cost 1.35 trillion yen prior to the one-year postponement, announced in late March amid the global coronavirus outbreak. The Olympics are now slated to open on July 23, followed by the Paralympics on Aug. 24.

Of the total cost, the organizing committee will cover 721 billion yen, the Tokyo metropolitan government 702 billion yen and the central government the remaining 221 billion yen.

Tokyo Games organizing committee President Yoshiro Mori speaks at a board meeting of the committee in Tokyo on Dec. 22, 2020. (Pool photo)(Kyodo)

Organizers revealed the budget increase is largely for the temporary removal and reinstallation of prefabricated units at the games' venues, as well as the maintenance of the athletes village and storage of competition equipment.

The cost for coronavirus countermeasures includes the installation of a negative pressure isolation room that prevents the virus from leaking outside at the athletes village where infected athletes can be temporarily treated and samples collected.

The organizing committee's share increased by 91 billion yen from the amount announced in the fourth budget late last year, after factoring in funds gained from increased sponsor revenue and insurance that covers the games' postponement or cancelation, as well as a reserve fund of 27 billion yen.

The International Olympic Committee will bear about 20 billion yen in costs for moving the marathon and race walking events from Tokyo to Sapporo due to concerns over the capital's extreme heat in the summer.

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