Quake-tsunami may cost Japan $235 bn, says World Bank

By IANS,

Tokyo : The devastating earthquake and tsunami that hit Japan March 11 may cost the country’s economy $235 billion, the World Bank said Monday.

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This amount was around four percent of the country’s gross domestic product (GDP), RIA Novosti reported citing a bank statement.

The bank also said in its East Asia and Pacific Economic Update report that the rebuilding effort could take Japan at least five years.

The magnitude-9 earthquake and tsunami led to the death of over 8,600 people while over 12,800 were still missing.

The disaster was followed by a number of explosions at the Fukushima nuclear power plant, spreading fears of radioactive contamination.