24 Mar '11, 6am

Japan disaster likely to be world's costliest

Japan's government has said that the cost of the earthquake and tsunami that devastated the north-east could reach ¥25 trillion (S$390 billion), making it the world's most expensive natural disaster on record. The extensive damage to housing, roads, utilities and businesses across seven prefectures has resulted in direct losses of between ¥16 trillion and ¥25 trillion, according to a Cabinet Office estimate. The figure is considerably higher than other estimates - the World Bank said it might reach US$235 billion (S$297 billion), while investment bank Goldman Sachs said it would be as much as US$200 billion. Losses from the 2005 Hurricane Katrina cost US$125 billion, according to the Insurance Information Institute. AP

Full article: http://www.todayonline.com/World/EDC110324-0000088/Japan-...

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