BREAKING NEWS

Japan eyes $152b. in 5-year earthquake reconstruction costs

By REUTERS

JULY 16, 2011 11:55

TOKYO - A draft of Japan's post-quake reconstruction plan expects the recovery effort to cost up to $152 billion over five years, but does not address tax rises seen as necessary to pay for the project, the Asahi daily said on Saturday.

It also called for development of solar and wind power as long-running attempts to bring the Fukushima nuclear power plant under control have generated public disillusion with nuclear energy and prompted authorities to consider alternatives.

The government plans to compile the reconstruction scheme by the end of the month as the backbone of a third extra budget to be compiled in a few months.

"(The draft) estimates recovery costs for the next five years at 10-12 trillion yen ($126-$152 billion), and calls for installation of some of Japan's largest solar-power and wind-power facilities in the disaster-hit area," the Asahi said.

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