Disaster damage may reach $235 billion

Amplify’d from www3.nhk.or.jp

World Bank: Disaster damage may reach $235 bil.

The World Bank says damage from the Great East Japan Earthquake may reach as high as 235 billion dollars. That amount far exceeds the losses from the Kobe earthquake in 1995. The bank says disruption to production networks, especially in the automobile and electronics industries, could pose longer-term problems. The damage from the March 11th quake is more than double the 100 billion dollars caused by the Kobe quake in western Japan 16 years ago. The World Bank says Japan's GDP growth will slow. But the slowdown will likely be temporary, and growth should start picking up in the second half of 2011 when reconstruction efforts get underway. But, the problems at the Fukushima Daiichi nuclear power plant and the economic impact from rotating electricity cuts were not factored into the calculation. The bank says it is still too early for a full assessment. Read more at www3.nhk.or.jp

 

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