The World Bank has said, that Japan may take five years for reconstruction work following the catastrophic earthquake and tsunami that has caused around 235 billion US Dollars of damage. The bank said the disaster will reduce Japan's economic growth this year up to 0.5 percentage point. The World Bank said in a report that the impact of the Tsunami will be concentrated in the first half of the year. The March 11 disaster had killed more than 8,600 people and left more than 12,800 missing, and ravaged northeastern Japan. Damage to housing and infrastructure has been unprecedented, The bank cited damage estimates between 123 billion USD and 235 billion USD, and cost to private insurers of between 14 billion USD and 33 billion USD. It said the government will spend 12 billion USD on reconstruction in the current national budget and much more in the next one. The world bank report said a crippled nuclear power station in the northeast that authorities are racing to regain control of is an unfolding situation that poses uncertainties and challenges. Japan's northeast, the epicentre of the disaster, is home to ports, steel mills, oil refineries, nuclear power plants and manufacturers of auto and electronics components. Many of those facilities have been damaged, while nationwide power shortages have severely crimped auto and electronics production.