The World Bank has said that Japan may take five years for reconstruction, following the catastrophic earthquake and tsunami. The bank said the disaster will reduce Japan's economic growth this year up to 0.5 percentage point. The bank cited damage estimates between 123 and 235 billion dollars, and cost to private insurers between 14 and 33 billion dollars. It said the government will spend 12 billion dollars on reconstruction in the current national budget and much more in the next one.