The bill for the disaster reached astronomical figures. The World Bank has estimated that Japan will need five years to rebuild the devastation caused by the earthquake and tsunami. The bill for these disasters may be increased up to 165,000 million euros, equivalent to 4% of GDP. The Japanese government is preparing two special budgets to meet the costs of all the works for normalization.
The Japanese authorities were aware that the damage caused by the earthquake and subsequent tsunami that struck on March 11 Japan are huge and that the country faces a tough injury. But one thing is imagine it and another to see the figures in a written report. The World Bank on Monday submitted a report on the costs of the devastation of these natural disasters with enormous figures.
Experts from international organizations estimate that the reconstruction of damaged areas will rise to between 86,000 and 165,000 million euros, equivalent to between 2.5% and 4% of Japanese GDP. This document also points out that Japan will need up to five years to overcome the destruction caused by the earthquake of level 9 on the Richter scale on March 11.
The World Bank notes that this enormous task of reconstruction could, moreover, contribute to boost the economy of the third world power. The problem, however, is that the need to rebuild the infrastructure destroyed thousands of hits a Japanese economy grew slowly and, so far, struggling to overcome the economic crisis.
A situation complicated by the strong yen, which makes exports, real engine of Japan's economy, and high public debt, which represents 200% of GDP. In its report, the World Bank estimates that growth in the Japanese economy should slow in the near term, but "probably will be temporary and will rebound in coming quarters, as the reconstruction progress." In preparing its assessment, the World Bank experts have taken as reference año1995 Kobe earthquake.
The 7.2 magnitude quake, which killed more than 6,400 dead, slowed the Japanese economy and in particular trade flows for about a year. The situation, however, guess now much more complex and more significant damage. In this sense, Japanese authorities have made progress already begun to prepare two budgets to meet these extraordinary natural disasters that have killed at least 8,650 dead and 13,000 wounded.
"It must pass before the month of June two additional budget laws for reconstruction," said Jun Azumi, the ruling Democratic Party of Japan, during a visit to the city of Ishinomaki, Miyagi Prefecture, one of the most affected by the earthquake and ensuing tsunami. 
The Japanese authorities were aware that the damage caused by the earthquake and subsequent tsunami that struck on March 11 Japan are huge and that the country faces a tough injury. But one thing is imagine it and another to see the figures in a written report. The World Bank on Monday submitted a report on the costs of the devastation of these natural disasters with enormous figures.
Experts from international organizations estimate that the reconstruction of damaged areas will rise to between 86,000 and 165,000 million euros, equivalent to between 2.5% and 4% of Japanese GDP. This document also points out that Japan will need up to five years to overcome the destruction caused by the earthquake of level 9 on the Richter scale on March 11.
The World Bank notes that this enormous task of reconstruction could, moreover, contribute to boost the economy of the third world power. The problem, however, is that the need to rebuild the infrastructure destroyed thousands of hits a Japanese economy grew slowly and, so far, struggling to overcome the economic crisis.
A situation complicated by the strong yen, which makes exports, real engine of Japan's economy, and high public debt, which represents 200% of GDP. In its report, the World Bank estimates that growth in the Japanese economy should slow in the near term, but "probably will be temporary and will rebound in coming quarters, as the reconstruction progress." In preparing its assessment, the World Bank experts have taken as reference año1995 Kobe earthquake.
The 7.2 magnitude quake, which killed more than 6,400 dead, slowed the Japanese economy and in particular trade flows for about a year. The situation, however, guess now much more complex and more significant damage. In this sense, Japanese authorities have made progress already begun to prepare two budgets to meet these extraordinary natural disasters that have killed at least 8,650 dead and 13,000 wounded.
"It must pass before the month of June two additional budget laws for reconstruction," said Jun Azumi, the ruling Democratic Party of Japan, during a visit to the city of Ishinomaki, Miyagi Prefecture, one of the most affected by the earthquake and ensuing tsunami.
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