WB: earthquake and tsunami in Japan caused up to USD 235bln in damageMarch 21, 2011 - 16:20 AMT PanARMENIAN.Net - Japan may need five years to rebuild from the catastrophic earthquake and tsunami that has caused up to $235 billion US in damage, the World Bank says. The March 11 disaster — which killed more than 8,600 people and left thousands more missing, and ravaged northeastern Japan — will likely shave up to 0.5 percentage point from the country's economic growth this year, the bank said in a report Monday, March 21. The impact will be concentrated in the first half of the year, it said. "Damage to housing and infrastructure has been unprecedented," the World Bank said. "Growth should pick up though in subsequent quarters as reconstruction efforts, which could last five years, accelerate." The bank cited damage estimates between $123 billion and $235 billion, and cost to private insurers of between $14 billion and $33 billion, according to The Associated Press. It said the government will spend $12 billion on reconstruction in the current national budget and "much more" in the next one. It said a crippled nuclear power station in the northeast that authorities are racing to regain control of is an unfolding situation that poses uncertainties and challenges. Traces of radiation first detected in spinach and milk from farms near the nuclear plant are turning up farther away in tap water, rain and even dust. In all cases, the government said the radiation levels were too small to pose an immediate risk to health, cbc.ca reported. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Mirzoyan says meeting with Bayramov was “constructive” At the moment, Ararat Mirzoyan said, there is no basis for additional comments. OSCE vows support for Armenia “in all three directions of security” Achieving stable peace between Armenia and Azerbaijan remains a priority of the OSCE, said Ian Borg. 151 detained as civil disobedience campaigns continue in Yerevan Citizens have been blocking streets in the Armenian capital, demanding Nikol Pashinyan’s resignation. France welcomes Armenia-Azerbaijan meeting in Almaty France has welcomed the new round of negotiations between the foreign ministers of Armenia and Azerbaijan. |