Cyclone Grants damage bill to the city is now passing $20 billion and is already the most expensive weather event in Australian modern history.
At a press conference this morning the Brisbane Mayor and Queensland Premier announced the cancellation of the Olympics. "Given the options and time available and being fully aware that Queenslanders are struggling, we have chosen the least costly and most practical option. Its unfortunate, but we need to focus on rebuilding Brisbane and supporting our community. This will take significant time and effort to do and we're committed to do that."
The premier said his team had offered to host a much reduced roster of sports at the Summer Olympics, spread out across the region, as a way to keep the event going. The International Olympic Committee released a press release saying there was a lack of alternative venues at the necessary standard and that cancelling the event was the best path forward at this time.
The Commonwealth government had been contacted, but had not responded to comment.