Is there a mathematical formula that should be used to determine what rate of infection makes it either acceptable or unacceptable to hold the Olympics?
Sports leagues all shut down when the pandemic started because no one could be sure how to hold events and games safely. We've largely learned how to do that in the past year with increased testing and the proper health and safety protocols in place. And if it weren't for money and all the television rights, we probably still wouldn't have sports.
It can easily be argued that it's a reckless and irresponsible decision to hold the Olympics this summer. But the IOC wants their television money, so if that means the Japanese organizers have to put measures in place to best ensure everyone's safety, they'll do that, even if it's going to cost a lot of money. In hindsight, perhaps it would have been wise for Tokyo 2020 to get pushed back another year (although that would have brought another set of challenges), but too late for that now. It's 2021 or bust at this point. Just because COVID is still out there does not imply there cannot be an Olympics this summer