International Olympic Committee President Thomas Bach. Photo: Denis Balibouse/pool/AFP via Getty Images

The coronavirus-induced delay of the 2020 Summer Olympics could cost billions of dollars, with Japan and the International Olympic Committee footing the bill, reports the AP.

Why it matters: IOC president Thomas Bach said this weekend that his organization will likely face "several hundred million dollars" of added costs as Japan covers the rest — with estimates pegging the total postponement costs at $2 billion to $6 billion.

  • An agreement signed in 2013 when Tokyo was awarded the Olympics forces Japan to be on the hook for the majority of the postponement costs.

Toshiro Muto, the CEO of the Tokyo organizing committee, said last week that the pandemic could even threaten the games going ahead next year.

  • "I don’t think anyone would be able to say if it is going to be possible to get it under control by next July or not," he said. "We certainly are not in a position to give you a clear answer."

The big picture: Before the pandemic, Japan estimated that the Games would cost at least $12.6 billion, though a 2019 government audit said they would likely cost twice that.

Go deeper: Olympics postponement throws more than $1 billion in advertising into limbo

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Updated 35 mins ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

France reported more than 2,500 new COVID-19 cases in 24 hours — the largest single-day number since May. French officials said the situation was "clearly worsening," per France 24.

By the numbers: Over 745,600 people have died of the novel coronavirus globally and over 20.4 million have tested positive, per Johns Hopkins. Almost 12.7 million have recovered from the virus.

Biden campaign raises $26 million in 24 hours after announcing Harris as running mate

Joe Biden and Kamala Harris. Photo: Olivier Douliery/AFP via Getty Images

Joe Biden's campaign announced on Wednesday that it raised $26 million in the 24 hours after revealing Sen. Kamala Harris as his vice presidential pick.

Why it matters: The cash influx signals that Harris has helped the Democratic presidential campaign pick up steam. Nearly 150,000 contributors were first-time donors, according to the campaign statement.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 20,456,016 — Total deaths: 745,600— Total recoveries: 12,663,206Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 5,190,948 — Total deaths: 165,883 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. Politics: Pelosi says Mnuchin told her White House is "not budging" on stimulus position.
  4. Business: U.S. already feeling effects of ending unemployment benefits.
  5. Public health: America's two-sided COVID-19 response America is flying blind on its coronavirus response.
  6. Education: New Jersey governor allows schools to reopenGallup: America's confidence in public school system jumps to highest level since 2004.