Tokyo Advances in Building Expensive Olympic Stadium
Tokyo will soon take the pride of having the most expensive Olympic stadium ever built. As per the estimates the entire costs involved in construction of the stadium is somewhere close to $2 Billion. It further exceeds the current record holder of $1.6 Billion MetLife Stadium in Greater New York City. The stadium is currently undergoing ground work and will be a part of Tokyo’s efforts for Summer Olympics scheduled in 2020.
The design of the stadium contains ribbed roof with huge steel arches resembling of a Bicycle helmet. In order to support a natural grass field, the roof’s south end will be translucent to let in sunlight and underground will be soil ventilation and temperature control systems. Retractable seats will offer the audience to watch the events closely and the stadium boasts technological might for being Earthquake resistance.
The cost of the stadium comes with whopping price tag at $2 Billion, an increase of 55% of earlier estimates. Analysts concur with the economics involved as most of the Olympic stadiums built worldwide were always exceeding the initial cost estimates. Furthermore they even conclude the cost may reach a new high as the construction is touted to start in the month of October.
There are presently five stadiums in the world that were built at a cost of $1 Billion of which four of them are situated in the United States and other being the Wembley Soccer Stadium in London. Tokyo’s new iconic stadium is designed by world renowned architect Zaha Hadid, will be the first to of its kind to touch $2 Billion. Unlike the other stadiums, which were solely built for professional sports teams helping in generating steady revenue relentlessly, Olympic stadiums have a risk factor of becoming under-utilized after the extravaganza.
The rising costs have rung alarm bells on the Government of Japan that has put the Prime Minister in defensive mode due to raising opposition from other parties during the time of approval. It also even raised questions of Japan’s role of military presence with growing threats from the neighboring China. Since, then the International Olympic Committee (IOC) is committed to make the games more affordable to the future host cities.
IOC has approved major changes in plans for other 2020 venues in Japan, which have saved more than $1 Billion and the main stadium even though far exceeds the estimates at a staggering $455 million on the stadium that was constructed in 2008. London’s Olympic stadium was built at $680 Million.
On the contrary, Japan despite being a rich country is facing a huge economic downturn. It doesn’t have enough cash to spare, due to two decades of economic stagnation, which has pulled the country into debt ridden. With rising old age population filled up pensioners has left the nation with soaring health care bills.
Public opinion about the stadium construction in the heart of the Tokyo city has drawn major criticism due to excessive spending and government’s inability to cut the cost, but drastically revising it more frequently. The major reasons behind the price revision are due to increase in labor, material costs and unusual design of the stadium.
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