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Japan Government’s Doubling of Budget Reserves for Earthquake Reconstruction

by Alexandra Hartman Editor-in-Chief

2024-01-10 02:13:41

Japan’s government is considering doubling budget reserves to 1 trillion yen ($6.9 billion) for the next fiscal year starting in April, in order to cover the cost of reconstruction following the earthquake, the Asahi newspaper reported late Tuesday, citing several government sources.

Early Tuesday, the cabinet approved spending 4.74 trillion yen from reserves for the 2023/24 fiscal year for aid such as water, food, diapers and heaters, as reported by Finance Minister Shunichi Suzuki.

The 7.6 magnitude earthquake that shook the Noto Peninsula, off the west coast of Japan, on New Year’s Day killed more than 200 people, making it the deadliest since 2016 in Kumamoto, on the southern island of Kyushu.

Mudslides, rocks and cracks in roads left dozens of remote communities in Ishikawa Prefecture isolated. In Wajima’s Fukamimachi district, Self-Defense Forces helicopters brought at least 14 residents to safety, according to a Archyde.com witness.

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