March 23, 2011 11:17 AM

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Japan disasters to cost up to $300 billion: Report

The government expects the economic toll from Japan's earthquake and tsunami could exceed 300 billion dollars. The estimate is considerably higher than other estimates. A media report said that Economy Minister Kaoru Yosano will present the estimate of 185 billion dollars to 300 billion dollars at a Cabinet meeting today. The March 11 magnitude-9.0 quake and tsunami devastated Japan's northeastern coast and triggered a crisis at a nuclear power plant that forced the evacuation of tens of thousands of people.Utilities have imposed power rationing, many factories remain closed and key rail lines are impassable. The government reportedly plans to inject public money into banks to help support lending as companies rebuild.

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