Japan: reconstruction efforts could cost up to $224 billion over next 10 years

2011-06-06 21:49:14 GMT+7 (ICT)

TOKYO (BNO NEWS) -- The government of Japan's reconstruction efforts in the country would cost between 14 trillion yen ($174.58 billion) and 18 trillion yen ($224.46 billion) in the upcoming 10 years, a research institute said Monday.

The Japan Research Institute said damages following the March 11 9.0-magnitude earthquake and ensuing tsunami would cost Japan 9.1 trillion yen ($113.47 billion) this year alone, Kyodo news agency reported.

Japan has already allocated a 4 trillion yen ($48.89 billion) emergency budget to finance the early phase of reconstruction efforts following the disaster, which has resulted in the death of over 14,000 people.

However, the private research institute forecast, which was based on government announcements regarding disaster-related damages, suggested that up to 5 trillion ($62.35 billion) should be prepared in addition the funds already allocated.

On Friday, the Tokyo Electric Power Co. (Tepco) announced that heavy rain fall could cause accumulated radioactive water at its Fukushima Daiichi nuclear power plant to overflow and possibly pollute ocean water and soil in less than two weeks, an official said.

Tepco continues pumping water into its overheating reactors at its plant to help cool down its high temperatures after the earthquake severely damaged the nuclear power plant's cooling systems in its three reactors.

As a result, the amount of contaminated water had reached over 100,000 tons as of last Tuesday, threatening to overflow if rain falls by June 15, but experts are saying that even without rainfall, radioactive waters could begin overflowing as of June 20, at the earliest. According to the official, the combined amount of radiation in the tainted water is estimated to be 720,000 terabecquerels.

-- © BNO News All rights reserved 2011-06-06

That's going to make a dent in Japan's foreign aid and development budget.