Tsunami 'may cost $309bn'

Japan’s government said the economic costs of the catastrophic March 11 earthquake and tsunami could reach $309bn.

The damage to housing, infrastructure and businesses in north east Japan could cost between 16 trillion yen and 25 trillion yen ($309bn), according to the cabinet office.

The 9.0-magnitude quake and tsunami devastated Japan’s north eastern coast, killing thousands of people and triggering a crisis at a nuclear power plant.

Tens of thousands of people living near the plant were evacuated.

Utilities have imposed power rationing, many factories remain closed and key rail lines are impassable.

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