It wasn't planned to have such a high budget. The production had troubles long before covid hit. Danny Boyle was set to direct but then had to get replaced, which led to a delay of the production. Then Daniel Craig got injured during filming and the production was further delayed, leading to higher costs.
Furthermore the marketing cost is pretty high due to the repeated delays. I don't know how many marketing campaigns they started and then the release date got moved due to covid and they had to start the ad campaigns from scratch.
On top of that it was reported that they had to reshoot some expensive action scenes because the product placement partners insisted that the movie has to showcase current models and not those that were used when the film was supposed to come out.
All that led to a much higher budget than they initially planned.