The provision was created, the governing body said, to "sustain any risks of loss in response to crisis situations (such as the coronavirus crisis)".

The move was disclosed in the body’s 2019 financial report.

After taking into account the new reserve, the ISU posted a profit for the year of just over CHF2 million (£1.66 million/$2.1 million/€1.8 million) on operating income of CHF39.6 million (£32.9 million/$41.2 million/€36 million).

The most striking aspect of ISU finances, however, remains its extraordinarily rich asset-base, with financial assets alone amounting to CHF299.3 million (£248.4 million/$311.3 million/€272.4 million).

This should leave it well insulated against the impact of the killer virus no matter what the coming weeks and months throw at the sports industry.

An assessment of post-balance-sheet events makes clear, nonetheless, that COVID-19 is taking a significant toll on the ISU’s 2020 performance.

"Due to the necessary containment measures and in particular the cancellation of three 2020 ISU Championships", it said, "the ISU expects a negative impact on its activities for the financial reporting period 2020."

It went on: "The COVID-19 crisis…is expected to have lasting detrimental consequences on the ISU incomes in the short and medium term.

"The cancellation of three ISU Championships in March/April 2020 involving substantial rights fee reductions and the looming world-wide recession and related slowdown of sports-related commercial activities, constitute the main challenges in the coming years.

"In addition, the marketing possibilities for niche sports in a constantly changing and innovative digital driven and increasingly competitive marketplace will call for new expertise and new solutions.

"While the incomes for the Figure Skating Branch could be slightly expanded, the situation for the Speed Skating Branch remains critical, although advertising agreements have been maintained at previous levels.

"Specifically, the ISU has for the time being been unable to put in place a Speed Skating title sponsor with a similarly lucrative agreement as in the past.

"Also, due to different reasons beyond the ISU’s control, the ISU was unable to maintain sponsorship agreements in the key markets for short track speed skating, namely China and South Korea."

The body said it expensed a total of CHF8.59 million (£7.13 million/$8.9 million/€7.8 million) for its development programme in 2019.

Spending on legal services plunged from CHF1.1 million (£913,000/$1.14 million/€1 million) in 2018 to CHF219,000 (£181,770/$227,760/€199,290).