Japan earthquake could cost $309 billion

Japan quake could cost $309 billion By Annalyn Censky, staff reporter


NEW YORK (CNNMoney) -- Japan's devastating earthquake and tsunami could cost up to $309 billion, making it the most costly disaster in the country since the end of World War II, the Japanese government said Wednesday.

The destruction of homes, businesses and infrastructure could cost between ¥16 trillion and ¥25 trillion, equal to between $185 billion and $309 billion, Japan's Cabinet Office announced Wednesday, according to reports by Kyodo News in Tokyo.

But those estimates did not include the effect of the nuclear crisis at the Fukushima power plant and subsequent power outages.

Fears about nuclear radiation escalated Wednesday, as black smoke rose from the third reactor at the Fukushima plant and Tokyo's government said it had detected radioactive material in tap water.

''The most troublesome thing is harmful rumors and the psychological effect (on consumers) as a result of radiation concerns," economic and fiscal policy minister Kaoru Yosano told Kyodo News.

Yosano also said the total effect on the Japanese economy could be offset partially by a boost in activity from reconstruction efforts.

The death toll from the March 11 earthquake and ensuing tsunami is up to 9,408, with another 14,716 people confirmed missing, Japan's National Police Agency said Wednesday.

Major Japanese manufacturers, including Toyota Motor, Honda Motor, Nissan and Sony all shut down factories following the quake. While they have since resumed some operations, much of their business is still offline. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.58%3.48%
15 yr fixed2.72%2.69%
5/1 ARM2.57%2.60%
30 yr refi3.57%3.47%
15 yr refi2.72%2.67%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 15,118.49 35.87 0.24%
Nasdaq 3,436.58 27.41 0.80%
S&P 500 1,633.70 7.03 0.43%
Treasuries 1.90 0.09 4.80%
Data as of 6:34am ET
Company Price Change % Change
Dell Inc 13.45 0.13 0.98%
Bank of America Corp... 13.02 0.11 0.85%
Sprint Nextel Corp 7.36 0.01 0.14%
Microsoft Corp 32.69 0.03 0.09%
Micron Technology In... 10.82 0.11 1.02%
Data as of May 10
Sponsors

Sections

A team of thieves hacked into banks around the globe, while foot soldiers withdrew massive sums from ATMs and bought luxury items with stolen cash. More

On paper, Nokia's latest Windows Phone 8 device, the Lumia 928, is the company's new best smartphone. It could even be the best overall Windows smartphone when it hits Verizon later this month. More

Small online retailers consider Internet sales taxes a compliance hell. Still the nation is one step closer to requiring sellers to start collecting sales tax upfront. More

The housing market is heating up, yet many house hunters are not prepared to take on the biggest purchases of their lives. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2013 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2013 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2013. All rights reserved. Most stock quote data provided by BATS.