Following an Executive Board meeting yesterday, IOC President Thomas Bach predicted the postponement of Tokyo 2020 would cost the governing body $800 million (£659 million/€739 million).

With $150 million (£123 million/€139 million) of this figure set to form an "aid package" for the Olympic Movement, the remainder has been put aside for the organisation of the Games. 

The majority of the additional costs are set to be covered by Japan, however, under the terms of the Host City Contract it signed with the IOC in 2013.

Tokyo 2020 chief executive Toshirō Mutō revealed the exact figure of their additional costs is not yet known.

"In terms of the additional costs, it's still under heavy evaluation and we are not quite to the point of making an estimate," he said, as reported by Japan Times.

Mutō also claimed not to know a breakdown of the IOC's $650 million or how it would be spent.

"As to why it's $650 million, you will have to ask the IOC," he said.

Tokyo 2020 and the IOC are hoping to reduce costs by scaling some elements of the Games back. 

It has been suggested that the Olympic Torch Relay may be streamlined, for example. 

After coronavirus cases rose worldwide, the Olympics were rescheduled to July 23 to August 8 2021, followed by the Paralympics from August 24 to September 5 2021. 

The issue of the cost of postponement has been contentious in Japan, owing to the economic crisis in the host country sparked by the pandemic.

It was at the centre of a public dispute between the IOC and organisers last month.