Japan quake compensation $49 billion

Tokyo Electric Company, responsible for the Fukushima nuclear plant, are expected to pay at least half of the $49 billion in compensation to those affected by the fall out of […]

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By Tom Gibson

Tokyo Electric Company, responsible for the Fukushima nuclear plant, are expected to pay at least half of the $49 billion in compensation to those affected by the fall out of the plant going offline, according to Japanese newspaper, Asahi.

The paper reports that this amount could also more than double through emergency spending.

A plan has been put together by officials from the Japanese government, TEPCO and creditor banks in order to help the firm pay the compensation and remain practicing in business.

The paper reported that the plan calls for Tepco to pay 2 trillion yen in compensation over 10 years.

The magnitude 9 earthquake that happened on March 11 and resulting tsunami killed around 15,000 people and displaced thousands more.

The Fukushima plant, in the north-eastern part of Japan was heavily damaged and has been labelled the worst nuclear accident since Chernobyl.