Explainer: The cost of Tokyo's delayed Olympic Games

The Tokyo Olympic Games will get under way in July barring "Armageddon", as one IOC member put it.

But the delay has been expensive in various ways.

Organizers previously put the entire cost of holding the Games at around $15.4 billion, including $2.8 billion for the unprecedented postponement from 2020.

Since then, the projected bill for postponement has crept up to $3 billion.

The key source of revenue - ticket sales - has been crippled due to new restrictions outlined by Tokyo 2020 President Seiko Hashimoto.

"The IOC and IPC have agreed to the Japanese policy we have presented. Taking into consideration the Japanese government's regulations on holding events, at the Olympics we will allow spectators of up to 50 percent capacity or 10,000 people for all venues."

With millions of tickets refunded revenues are likely to be reduced by more than half from an earlier expected $815 million.

Overseas ticket holders have also been banned, killing hopes of a tourism windfall.

Over 60 Japanese companies paid a record of more than $3 billion to sponsor the Games.

Sponsors dished out another $200 million to extend contracts after everything was postponed.

That does not include partnerships with companies such as Toyota, Panasonic, and South Korea's Samsung, which through a separate program for top-tier sponsors have separate deals with the IOC worth hundreds of millions of dollars.

Although the cancellation scenario is looking less likely by the day, global insurers would face a hefty bill should that happen with estimates running to a loss of $2-3 billion.

The IOC takes out about $800 million of protection for each Summer Games, which covers most of the roughly $1 billion investment it makes in each host city.

Local organizers in Tokyo will have taken out a further policy, estimated at around $650 million.

Analysts have put estimated the insured cost of the 2020 Olympics at $2 billion, including TV rights and sponsorship, plus $600 million for hospitality.