CORONA EFFECT : Now Olympic Games 2020 in Japan is postponed !

In the wake of Corona, Canada and Australia were the first countries who had voluntarily backed out of Japan Olympics earlier. Even the British and French governments had urged the IOC for postponement of the grand event. Adding to this chorus was Brazil, Slovenia, Germany, USA  The Olympics have never before been delayed, but were cancelled in 1916, 1940 and 1944 during the two world wars.

CORONA EFFECT : Now Olympic Games 2020 in Japan is postponed !

CORONA EFFECT : Now Olympic Games 2020 in Japan is postponed !

For the first time in the history after World War II, Olympic Games is on the verge of getting postponed. The reason being nothing but CORONA EFFECT. After talking to International Olympic Committee President, Thomas Bach over phone, Japanese Prime Minister Shinzo Abe will be soon proposing to postpone the Japan Olympic by an year. Note that, Japan Olympics was scheduled to be held from July 24 to August 9, 2020.
In the wake of Corona, Canada and Australia were the first countries who had voluntarily backed out of Japan Olympics earlier. Even the British and French governments had urged the IOC for postponement of the grand event. Adding to this chorus was Brazil, Slovenia, Germany, USA 
The Olympics have never before been delayed, but were cancelled in 1916, 1940 and 1944 during the two world wars.
What are the repercussions on Japan, the host country ?
Japan has spent more than $12 bn for hosting the event with enormous money of sponsors and broadcasters at a stake. As per Goldman Sachs, Japan is estimated to lose $4.5bn (550bn yen) if the Olympics did not take place as per the schedule.