Japan has made the whole world sleepless by revealing that it would take months to control the radioactive leakage in the nuclear plant. So far this has been first time that the authorities of a nation have confessed possibilities of dangers of mismanaging nuclear energy. The leakage of radioactive radiations from the Daiichi plant in Japan has put the entire global community in shock.
Tokyo Electric Power Coo that is handling the temperature controlling systems at nuclear plants in Japan stated that, the disaster may overburden its budget and also cause many civil damages.
The Japanese government predicted so far the material damage after tsunami and earthquake around $300 billion; however Japan’s total lost is increasing day by day as it is losing commercial activities with many foreign firms pulling back due to radiation fiasco.
The compensation asked by the Tokyo Electric Power Co are to be considered in the wake of Japan’s 1961 Act on Compensation for Nuclear Damage According to US financial experts it the company may ask for around $130 billion or more.
Tokyo Electric (TEPCO) and the Japanese government both will bear the expences incurred as the operator may get exempted citing the incident as natural disaster of exceptional nature. However the companies will remain liable to around 40% of the costs incurred due to damges and further loss.