Bach spoke to about 400 reporters on a conference call and was quizzed why, despite growing concern from athletes, it took so long to postpone the Tokyo Games.
The Japanese financial newspaper Nikkei put the added cost at $2.7 billion, citing an estimate from local organizers.
Bach said that in his telephonic conversation with Japanese Prime Minister Shinzo Abe on Tuesday, the pair agreed that it won't be possible to hold the Olympics this year due to the relentless spread of the coronavirus pandemic
The International Olympic Committee (IOC) and Japan Prime Minister Shinzo Abe on Tuesday announced postponement of the 2020 Games, scheduled for July-August, to the summer of 2021 because of the coronavirus pandemic which has brought the world to a standstill.
After weeks of discussion and contemplation, the organisers of the summer Games decided to shift the Olympics by a year, hence relieving the athletes of training amid these tough times.
Pound, who is a Canadian and has been a key member of the IOC for decades, reckons that the committee will announce the steps soon.
The change in strategy followed IOC president Thomas Bach leading a telephone conference call with executive board members.
Indian shuttler Parupalli Kashyap has reacted to IOC's statement, where it encourages the athletes to continue training for the Tokyo Olympics.
At the end of the first of a series of meetings being held this week with athletes and Olympic committees, the IOC conceded the lead-up to Tokyo was anything but business as usual.
Dick Pound, a former IOC vice president, said last month that the end of May loomed as a possible deadline for the IOC to make a call on the Tokyo Olympics.
Many international sporting events have been postponed or cancelled amid the coronavirus crisis, though the Japanese government and the IOC continuously express their full commitment to delivering a safe Olympic Games in July this year.
According to a statement by the IOC, all its Lausanne-based staff will work from home starting Monday, until further notice, with the exception of some essential functions.
The Evaluation Commission had visited Mumbai in October last year to study the feasibility of hosting the Session in Mumbai.
The International Olympic Committee (IOC) executive board on Tuesday expressed its full commitment to the success of the Olympic Games in Tokyo to be held between July 24 to August 9 this year.
On this very day, 125 years ago, Frenchman Pierre de Coubertin founded the International Olympic Committee and revived the Olympic Games.
Smirnov, who coached the likes of Olympic silver medallist Vijay Kumar and Jitu Rai, is disappointed with the outcome.
The IOC said the Olympic qualification status has been withdrawn from only the men's 25m Rapid Fire Pistol event.
The committee seeks to convey a message of solidarity and hope to millions of refugees and internally displaced athletes around the world.
Russia was banned from the Olympics because of a massive doping scandal at the 2014 Sochi Games.
The International Olympic Committee barred Russia and its sports leaders from the upcoming games in South Korea after its lead investigator concluded members of the Russian government concocted a doping scheme at the 2014 Sochi Games.
Top News
Latest News
