Japan disaster could cost up to $235 billion, says World Bank

03/20/2011 | Google

Damages from the March 11 earthquake and tsunami that hit northern Japan could reach $235 billion and the nation could take five years to rebuild, said the World Bank. Japan will likely spend $12 billion on rebuilding this year and "much more" in the next budget. "Damage to housing and infrastructure has been unprecedented. Growth should pick up in subsequent quarters as reconstruction efforts, which could last five years, accelerate," the bank added.

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