The ICF said its budgets covered the remainder of 2020 up to 2022 and took into account "all possible scenarios", including the possibility that the Olympic Games do not take place in 2021 and the chance of no competition next year.

Federations have been counting the cost of the postponement of the Tokyo 2020 Olympics and the overall impact of the COVID-19 pandemic on their major events.

The ICF - which has not requested any assistance from the International Olympic Committee (IOC), such as an advance on its share of the Tokyo 2020 revenue it would have ordinarily received in September - said in a statement that it "had the capacity to manage the sport effectively from a financial position and can meet any likely challenges during this crisis".

A spokesperson for the ICF has admitted to insidethegames that the governing body will suffer a loss this year, but declined to reveal the exact amount.

Members of the ICF Board have also endorsed a series of undisclosed saving initiatives as part of its cost-cutting measures in response to the pandemic.

Federations on the Tokyo 2020 programme are facing cashflow challenges of varying degrees of severity as a result of the expected delay by one year of multi-million-dollar payments they would normally have expected to receive from the IOC after the event.

The ICF is in the fourth tier of Olympic Federations and was anticipating the bulk of its $16.30 million (£13.1 million/€14.9 million) payout from the IOC in September.

"We are continuing to monitor the situation as, like so many other Olympic sports, our financial situation is changing with every week that the majority of the canoeing community remain locked down," the spokesperson added.

"We have had to cancel a lot of events already, and there is likely to be more to come. 

"We are OK in the short term, but our greatest concern is the longer term impact financially on athletes and teams, as well as host cities which have had to cancel events. 

"We are currently working through with each of these parties to determine how best to minimise the impact for them. 

"We are planning for several scenarios, from worst to the best."

The ICF Board has confirmed all international events, including the World Championships for canoe sprint non-Olympic events which had been set to take place in Szeged in Hungary in July, have been postponed until September or cancelled.

Canoe Slalom World Cup stops in Pau in France, and Prague in the Czech Republic have been tentatively pencilled in for October or November.

The World Cup final and non-Olympic World Championships in Markkleeberg in Germany has been moved from September to October.

The ICF Board will meet next month to make a decision on its Congress in the Philippines in December, which includes the Presidential election.

Spaniard José Perurena is due to stand down after 12 years at the helm at the Congress.

The ICF said it was assessing "possible options if this year’s ICF Congress cannot be held".