Japan allocates 1,000 billion yen in Fukushima

TOKYO – The Japanese government has earmarked 1,000 billion yen (9.7 billion euros, 12.5 billion euros) to the operator of the Fukushima nuclear power plant ravaged by a tsunami last year and placing it temporarily under the control of the state.

These measures have been taken as part of a restructuring plan approved Wednesday. In return, the operator, Tokyo Electric Power Co. (TEPCO) has appointed a new management and has committed to reduce costs and increase its rates. The group is still working to stabilize the central Fukushima Dai-ichi and must compensate thousands of victims of what constitutes the worst nuclear disaster since Chernobyl in Ukraine in 1986.

TEPCO has been criticized for not having foreseen a situation such as that which occurred March 11, 2011, when an earthquake triggered a tsunami that ravaged the northeast coast of Japan. The hearts of several reactors came into fusion, releasing large amounts of radiation.

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