Blog Archive

Thursday, March 24, 2011

Japan disasters to cost up to $309 billion

Japan's government says the economic costs of the catastrophic March 11 earthquake and tsunami could reach $309 billion (25 trillion yen; £189bn).
The damage to housing, infrastructure and businesses in northeast Japan could cost between 16 trillion yen and 25 trillion yen ($309 billion), according to the Cabinet Office.

In the biggest estimate so far, Japan put the cost of the earthquake-tsunami disaster at more than twice that inflicted by the 1995 Kobe quake. The World Bank has said Japan needs up to five years to rebuild.

Analysts warn however that the figure may rise the longer an atomic crisis at the stricken Fukushima nuclear plant remains unresolved, with an ongoing radiation scare threatening the capital Tokyo, 250 kilometres (155 miles) away.

"We need to be mindful that the quake's negative impact on the economy, at least on the supply side, may be bigger than the Kobe quake 16 years ago, and be prolonged," said Ryuzo Miyao, a board member at Bank of Japan..

No comments:

Post a Comment

Total Pageviews