Publication

The March 11, 2011, earthquake and tsunami that occurred in Japan followed by a nuclear crisis and shortage of electricity is having a large negative economic impact on the country but a lesser effect on world markets. Japan has lost considerable physical and human capital. Physical damage has been estimated to from $250 billion to as much as $309 billion, the latter figure being nearly four times as much as Hurricane Katrina ($81 billion) and roughly equivalent to the GDP of Greece and twice that of New Zealand. In excess of 27,000 persons in Japan are killed or missing, and more than 146,000 homes and other buildings have been totally or partially damaged.