Gov't eyes Y19 tril for quake reconstruction
TOKYO —
The Japanese government estimates it will need to spend 19 trillion yen in the next decade to rebuild areas destroyed by the March 11 earthquake and tsunami, local reports said Thursday.
In the first five years, the government would spend 19 trillion yen or more than 80% of the total 23 trillion yen necessary for reconstruction, according to reports from the Yomiuri Shimbun. To pay for the various projects, the government was considering spending cuts, sales of public assets, new bond issues and tax hikes, the reports said.
The plans are expected to be included in basic guidelines that the government is aiming to complete within this month, the reports said. The government earlier estimated that costs resulting from damage from the disasters at 16.9 trillion yen.
Parliament approved a four trillion yen additional budget in May, and it is at the final phase of approving a second extra budget, worth two trillion yen.
A third extra budget is anticipated later this year, with analysts estimating it to be worth 10 trillion yen.
Details of the latest reconstruction plans could change as the government moves to restore Japan’s finances, which currently include the industrialized world’s largest public debt at around 200% of GDP.
© Agence France-Presse
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3
goddog
Well, let's hope they build sky scrapers like myself and some others have posted here before. If the Japanese government says to build the mountains is too difficult, then maybe they should ask China to help, as Hong Kong and the New Territories have been doing it for years.
1
illsayit
I reckon they could halve that quote for reconstruction and get it accomplished, but if they have the yen, then it would be nice to use the remaining amount to give compensation to the locals in the area and then they could decide and pay for things themselves....yes I do believe China has an ancient skill of being able to handle hilly territory. And them surrounding hills arent even that much of a slope.
2
GW
based on my experience in Japan I predict about Y5trillion will be kicked backed & pilfered at minimum, scary sickening stuff but is likely what will happen & why the ldp is drooling so much these days
-1
Michael Fitzpatrick
Would GW or illsayit like to contact journalist looking for comments from construction insiders on rebuilding Tohoku. fitzkun@gmail.com
2
hatsoff
Perhaps the Red Cross in Japan could donate some funds towards this. They don't seem to have done much else with all the donations they received except stick it in the bank.
0
ihavegreatlegs
Agreed @hatsoff
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