The cost of the coronavirus-postponed Tokyo Olympics will be slashed by $280 million, organisers said Wednesday, touting a scaled-back, less flashy Games, with cuts to everything from staffing to pyrotechnics.

But the final cost of the event -- officially budgeted before the pandemic at 1.3 trillion yen ($12 billion) -- remains unclear because additional expenses caused by the postponement have not yet been made public.

"Tokyo 2020 believes that this work will help to create a model for future global events including forthcoming Games amid the new normal in which we now live," organisers said in a statement after a presentation to the International Olympic Committee Executive Board.

They said they would put out an updated budget, including additional costs linked to postponement and coronavirus counter-measures, by the end of the year.

Plans for a lower-key event were unveiled in late September, with measures including fewer free tickets, scrapping athlete welcome ceremonies, and savings on banners, mascots and pyrotechnics.

Organisers of the postponed Tokyo Olympic Games have announced plans to slash the budget by nearly $300 million
Organisers of the postponed Tokyo Olympic Games have announced plans to slash the budget by nearly $300 million AFP / CHARLY TRIBALLEAU

The size of behind-the-scenes delegations at the less opulent event will be reduced by 10 to 15 percent, and perks also cut back, organisers and Olympic officials have said.

The 2020 Games were postponed earlier this year as the deadly new coronavirus spread around the globe, and are now set to open on July 23, 2021.

With many countries experiencing second or even third waves of infection, there have been doubts about whether the event can be staged, but organisers and Olympic officials insist it can be done safely.

If held at all, the final shape of the Games remains unclear, with questions including whether spectators will be allowed -- including foreign visitors -- yet to be resolved.

Organisers have made clear that at the very least it will be a more sober event that the usually exuberant spectacle staged around the world.

"As we're in the Covid-19 world, are we in a world where the flashy event that we used to think of as normal before is still suitable? We've reached a turning point in this regard," Tokyo 2020 CEO Toshiro Muto said Wednesday.