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Japan's Fukushima plant cleanup costs to double

Xinhua, December 9, 2016 Adjust font size:

The Japanese government said Friday that costs for cleaning up and providing compensation for the 2011 Fukushima nuclear disaster is expected to reach some 21.5 trillion yen (187.8 billion U.S. Dollars), almost twice its original estimate of 11 trillion yen (96.0 billion USD)in 2013.

Among them, the costs for decommissioning the power plant is to reach some 8 trillion yen (69.8 billion USD), four times the previously estimated 2 trillion yen (17.5 billion USD).

Estimated compensation fees for the victims is to grow from 5.4 trillion yen (47.1 billion USD) to 7.9 trillion yen (68.9 billion USD), while decontamination costs are to grow from 2.5 trillion yen (21.8 billion USD) to 4 trillion yen (34.9 billion USD).

Estimated fees related to temporary storage facilities for soil contaminated with radioactive substances and other waste are to reach 1.6 trillion yen (14.0 billion USD), while the formerly estimated figure was 1.1 trillion yen (9.6 billion USD).

Tokyo Electric Power Company Holdings Inc. (TEPCO), operator of the Fukushima plant, will have to shoulder some 15.9 trillion yen (138.7 billion USD), close to three fourths of the total costs.

The increased costs would mean a higher burden for taxpayers here, as the government plans to chip in more taxpayer money and other financial support to help TEPCO, including expanding a 9-trillion-yen interest-free loan program for TEPCO to 13.5 trillion yen.

According to an original plan, the government will provide the 9-trillion-yen interest-free loan program for TEPCO to cover compensation payments and decontamination fees, while TEPCO has to secure funds on its own in principle for decommissioning the plant.

The government also plans to speed up the restructuring process for the power company to increase its revenues, including reactivating TEPCO's Kashiwazaki-Kariwa nuclear plant in Niigata Prefecture and seeking cooperation from other power companies.

An earthquake of magnitude 9 struck eastern Japan in March 2011, triggering a devastating tsunami and killing more than 15,000 people.

The Fukushima Daiichi nuclear plant, operated by TEPCO, was severely damaged by the quake and tsunami and three of its reactors suffered meltdowns due to loss of cooling power, spewing radiation and forcing some 160,000 residents in neighboring areas to flee. Endit