Fukushima compensation grows
February 13, 2012
The Japanese government agreed on Monday to provide an additional 690 billion yen ($8.9 billion, 6.7 billion euros) to people affected by last year's nuclear disaster at the Fukushima plant.
The money will go to the plant's operator, TEPCO, to enable it to pay claims estimated at 1.7 trillion yen. The government has already provided most of that amount, but TEPCO will have to come up with around 400 billion yen to make up the difference.
TEPCO's president, Toshio Nishizawa, met with Japan's industry minister, Yukio Edano, on Monday as well. Edano said the government was prepared to step in with a capital injection if TEPCO asked for one, but only if the government took over some stake in the company in return.
"As long as I hold this post, I will absolutely not approve a plan that asks for a capital injection but does not offer adequate voting rights (to the government), commensurate with the money," Edano told reporters.
TEPCO must also revise its business plan in order to continue receiving government assistance. Money to help TEPCO compensate victims of last year's nuclear meltdown is separate from funds that would help the company out of its dire financial straits.
On Monday, TEPCO reported it was projecting a net loss of income of nearly 695 billion yen in 2011.
mz/msh (AFP, Reuters, dpa)