In: Economics
Tokyo 2020 Olympics officially postponed until 2021
Tokyo Olympics has been postponed until 2021. In my perspective, this is a correct decision as Olympics doesn't involve a few sportsmen but involves an organizing committee, administrative team, logistics, thousand of volunteers along with the large population of the sportsperson . Going ahead with the tournament would put millions of people living at stake as the sportspersons would be travelling from their respective countries. Due to the immediate lockdown of few countries, one has been able to contain the virus.
If I was an athlete the immediate reaction would be negative but soon I would realise that it's for everyone's good as health is more important than the tournament. It is a big loss not only mentally for a sportsperson but also economically.
In respect to economic losses the sponsors would have huge amount tied in the Olympics which they will not be able to recover until actually held, this hampers directly the revenue of the sponsor and henceforth the economy . It would have been in the sponsor's interest to hold the Olympics earlier but the virus came as an uncertain, unprecedented event for which no planning could have been done. As this event is not just the involvement of few people but thousands from across the globe.
the postponement should not be affecting the ticket as either refund would be done or else valid till the actual tournament begins.
Studies are being done about the virus and it is not something an economy can come out of after say a month lockdown as there will be people getting affected daily and some will be asymptomatic patients who would speed up the spreading process. China is in its second phase where the other countries are still in it first and some have just recently become a hotspot . Therefore until a vaccine is developed and administered it will be difficult to comment if the games will be held in 2021.