Japan to Reduce Post-2011 Disaster Reconstruction Budget
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Tokyo, Dec. 19 (Jiji Press)--The Japanese government approved a plan on Thursday to drastically reduce its budget for reconstruction of areas hit by the 2011 earthquake, tsunami and nuclear accident due to progress in ongoing projects.
For the five years from fiscal 2021, the government projects to spend some 1.5 trillion yen for reconstruction of such areas, mainly in northeastern Japan.
The plan was included in the government's new basic policy for reconstruction following the March 2011 earthquake, tsunami and the subsequent triple meltdown at Tokyo Electric Power Company Holdings Inc.'s <9501> Fukushima No. 1 nuclear power plant.
The government's post-2011 disaster reconstruction spending is expected to exceed 31 trillion yen in the 10 years through the end of fiscal 2020.
The basic policy also calls on the term of service of the Reconstruction Agency to be extended by 10 years until the end of fiscal 2030. It was established in February 2012 to oversee the reconstruction process.
[Copyright The Jiji Press, Ltd.]