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Earthquake in Japan: Damage exceed 6 billion dollars

Earthquake in Japan: Damage exceed 6 billion dollars Earthquake damage in Japan exceeded 6 billion dollars (Photo: Getty Images)

The damages to the infrastructure from the large earthquake that struck Japan on January 1st may exceed 6.4 billion dollars, according to Reuters.

According to the estimation by the catastrophe modeling firm Karen Clark & Co., residential real estate accounts for approximately 70 percent of the total losses, as commercial and industrial buildings in the affected cities were predominantly earthquake-resistant.

It is also emphasized that, at the initial stage, the government of the affected country will allocate $32.3 million to support the disaster-stricken areas. However, Japanese Prime Minister Fumio Kishida has already requested the finance minister to reconsider the budget proposal in favor of an increase for the upcoming fiscal year, approved in December.

According to the Japanese Prime Minister, reserve funds that have not yet been used during the current fiscal year, which runs until March, could be directed toward this purpose.

Earthquake in Japan

On January 1, news emerged about a powerful earthquake in Japan with a magnitude of 7.6. Following this, a series of strong aftershocks occurred throughout the day – more than 100 were recorded within 12 hours.

As of the evening of January 1, only four deaths were known due to the earthquakes. However, the number of confirmed casualties rapidly increased. Earlier on Tuesday evening, 57 deaths were reported as a result of the earthquakes in Japan.

Later, it was reported that the number of victims of the strong earthquake had risen to 92, with the whereabouts of 242 still unknown. Additionally, over 10 national highways were blocked by landslides caused by the earthquake and tsunami.