The structure, which organisers say is a world's first, measures about 18 metres high (60 feet) and 35 metres wide when fully inflated with room for about 500 guests.
It can be easily deflated and travel around the region to host events that "help bring people together," a press statement said.
Wood from the area's damaged cedar trees will be used for seating.
The first event will run from Friday through October 14, including performances by the Sendai Philharmonic Orchestra and traditional Japanese kabuki theatre.
The event was arranged with the help of Switzerland's Lucerne Festival, a prominent gathering of world-renowned musicians
Japan's northeast coast was ravaged by a magnitude 9.0-earthquake and monster tsunami in March 2011, killing nearly 19,000 people and sparking a crisis at the Fukushima nuclear plant, the worst atomic accident in a generation.
The tourist town of Matsushima itself was left largely unscathed because of its protected bay.