TOKYO (MNI) – Direct damage from the March 11 earthquake and
tsunami is likely to total Y15 trillion to Y25 trillion, significantly
more than the physical damage from the Great Hanshin Earthquake of 1995,
the Nikkei reported on Wednesday, citing the government’s estimate.
The Great Hanshin Earthquake, which killed more than 6,000 people,
caused direct damage of Y9.9 trillion and indirect damage of Y2.6
trillion in Hyogo Prefecture in western Japan, whose gross domestic
product stood at Y19.5 trillion based on 2005 data.
The death toll following the devastating earthquake and tsunami on
March 11 rose to 9,199, with 13,786 people still missing, as of Tuesday,
according to the National Police Agency.
The dearth toll in Miyagi Prefecture, the epicenter of the 9.0
magnitude quake, was the highest at 5,607, followed by 2,773 in Iwate
Prefecture and 762 in Fukushima Prefecture.
Gross domestic product of Miyagi Prefecture totaled Y8.5 trillion,
while that of quake-hit Iwate and Fukushima prefectures stood at Y4.5
and Y7.9 trillion, respectively, according to the 2005 data.
Economic and Fiscal Policy Minister Kaoru Yosano will present the
projection for the quake damage to other ministers later today when they
meet to discuss the economic outlook and ways to rebuild quake-hit
areas, the business daily said.
The damage estimate will serve as a basis for compiling
supplementary budgets and drawing up reconstruction plans, the Nikkei
said.
The government compiled a total of Y3 trillion in supplementary
budgets in 1995 to help reconstruct the quake-hit western Japan.
Japan’s real GDP growth quickened to 2.3% in fiscal 1995 and 2.9%
in fiscal 1996 from 1.5% in fiscal 1994 thanks to large government
spending on reconstruction works.
tokyo@marketnews.com
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