'Japan calamity damages may cost $235 bn'

The devastating earthquake and tsunami is projected to cost the Japanese economy up to USD 235 billion in damages, while the reconstruction efforts could last five years, according to the World Bank.

The devastating earthquake and tsunami is projected to cost the Japanese economy up to USD 235 billion in damages, while the reconstruction efforts could last five years, according to the World Bank. The estimated damage, which could account for about 4% of the economy, is much more than USD 100 billion losses incurred after the 1995 Kobe earthquake.

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The World Bank, on Monday, said that damages from the natural calamity could range from USD 122 billion to 235 billion.