World Bank Puts Japan Tsunami, Earthquake Damage at $235B

An aerial view of Wakuya, Japan following the earthquake and tsunami in the country. The cost of damage could range from $122 billion to $235 billion, according to the World Bank. Photo by: Alexander Tidd / U.S. Navy / CC BY

The cost of the damage caused by the 8.9-magnitude earthquake and resulting tsunami that struck Japan March 11 could range from $122 billion to $235 billion, according to the World Bank.

In a report, the World Bank said it expects Japan’s economy to temporarily slow down but eventually pick up once reconstruction efforts start. The bank noted that this temporary slowing down of the Japanese economy will only have a modest impact on other Asian economies, The Wall Street Journal reports.

Meantime, the Japanese government is gaining ground in re-establishing electricity and water supplies in some of the hardest-hit areas across the country, but huge needs remain unmet, according to The Wall Street Journal. Thousands of people are still housed in evacuation centers, and many lack full meals and adequate medications, the news agency says.

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.