The previous agreed figure for the 2021 season, when regulations were set to change, was $175 million (£140 million/€160 million), but due to the ongoing crisis, the changes will come into effect at the start of the 2022 season.

While technical regulations have been moved back a year, the financial cap will still change in 2021 and McLaren chief Zak Brown is hoping to bring costs down in wake of the spread.

Speaking to Sky Sports, Brown said, "If we look back to what Ross Brawn, Chase [Carey, F1 chief executive officer] and the Fédération Internationale de l'Automobile (FIA) presented in Bahrain two years ago, which the majority of the teams were supportive of, that's where the sport needed to be, and if we look at where conversations are now that's effectively where we're headed back to.

"We weren't able to get that through in round one, but maybe it takes the situation we're in now for everybody to wake up and realise that what F1 presented a couple of years ago in Bahrain was spot on and while we maybe didn't have the luxury of not doing it two years ago, today the world has changed, and we need to do it.

"I think it'll be great for F1, I think a more competitive F1 will drive more fans at the end of the day, which means more sponsors, which means more countries will want to have a Grand Prix."

Ferrari chief Mattia Binotto agrees that costs must be looked at but has claimed that it is unfair to punish the teams who manufacture parts that other teams then buy, making costs higher for the producing teams.

"We are fully aware of the difficulties of some teams and we are fully aware we need to address costs for the future of F1 - reducing costs is the first driver of making sure each single team is surviving," Binotto said.

"We should not forget that we've got different structures, we've got different assets. 

"There are teams that are constructors, as Ferrari and other top teams, where we are designing, developing, homologating and producing each single component of our cars.

"Other teams are customers, they are buying some parts and not having the same structure because they are not developing those components. 

"When discussing a budget cap...maybe the answer is not a single budget cap equal for all the teams."

Ferrari is the only team on the current grid who has competed in every season of F1 since its inception in 1950 and has received a "Long Standing Team Bonus" since 2009 from the FIA, reportedly up to $100 million (£80 million/€91 million).

The 2020 F1 season has been postponed after the opening race of the season in Melbourne in Australia was cancelled due to the outbreak of coronavirus.

Canada is the latest race to be postponed after the FIA extended the shutdown period by another two weeks into mid-June. 

As things stand, 13 races are set to go ahead as planned with seven postponed and two cancelled.

The French Grand Prix on June 28, is currently scheduled as the season opener.