Cancelling the Tokyo Olympics will cost Japan around $17billion, while the damage caused by another Covid-19 state of emergency will be higher, experts have warned.
An estimate by the Nomura Research Insitute (NRI) has claimed that cancelling this summer s Tokyo Olympics would cost the country around $17billion (¥1.81 trillion).
But an economist at the think-tank has warned that the economic loss from coronavirus cases spiking after the event could be even more damaging, Japan Times reported.
Japan, which has recorded more than 700,000 infections and 12,000 deaths from the virus, is in the grip of a month-long state of emergency and has delivered vaccinations to just under 5 per cent of its population.
Takahide Kiuchi, executive economist at NRI, said cancelling the Olympic Games will be a smaller economic loss than the damage caused if another Covid state of emergency is declared after the event.
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Last modified on Tue 25 May 2021 14.22 EDT
Estonia’s president, Kersti Kaljulaid, has urged the UK to take action to stop anti-democratic regimes such as Belarus siphoning corrupt money through London’s financial centre.
Her plea comes after the EU announced new economic sanctions against Belarus, and punitive measures against its national airline, in response to the hijacking of a Ryanair flight that led to the controversial arrest of the dissident blogger Raman Pratasevich earlier this week.
The president said the sanctions were targeting the “arteries of money” that allowed the Belarusian regime to operate.
She called on the UK government to stand united with the EU and do all it can to oppose anti-democratic governments, such as that being run by the Belarusian president, Alexander Lukashenko.