A Summary of News From Japan: After the Earthquake and Tsunami

I was trying to read up on all the latest updates in Japan as a result of the recent earthquake and tsunami, so I thought I would combine my findings into a blog post to save everyone else a little time surfing around.

Let me know if you find this helpful and I’ll try and do it more often in the future. As for now, on to the updates…

Tsunami Wave Height

Here’s a good look at the tsunami that did all the damage. The following image from the National Oceanic and Atmospheric Administration (NOAA) illustrates the expected wave heights and location after the March 11, 2011 Japanese earthquake. Note that the deep purple color is 120cm in height, or about 4 feet.

A Summary of Earthquake and Tsunami Disaster

A few key takeaways:

• Fourth largest earthquake ever measured.
• Biggest nuclear accident since Chernobyl.
• 3,000+ confirmed dead, but suspect over 10,000.
• Easily over 100 billion dollars worth of damage so far.

Reuters also had a nice summary post, here are a few of the key points:

• Work has been halted at the Fukushima Daiichi nuclear plant and workers moved to a safe place after a rise in radiation, suggesting the crisis was out of control.
• Japan seeks direct U.S. Military help to cool reactors.
• Fuel rods in the No. 1 reactor were 70 percent damaged and the rods in the No. 2 reactor were 33 percent damaged, Kyodo says.
• Japan’s benchmark Nikkei average rises more than 6 percent in early trading Wednesday after suffering its worst two-day rout since 1987.
• The radiation level in Tokyo was 10 times normal on Tuesday evening, but there was no threat to human health, the city government says.
• People within a 30-km radius of the nuclear facility urged to stay indoors.
• Food and water in short supply in parts of the northeast. hundreds of thousands have been evacuated, shelters are packed.
• Rolling power blackouts will affect 5 million households Tuesday, TEPCO says.
• Some residents leave the capital. Others stock up on food.
• Death toll is expected to exceed 10,000, and rescue workers are continuing to search coastal cities for survivors.

The Devastation

Here is a video from the Associated Press:

Photos of the 2011 Earthquake / Tsunami

Here are a few photos of the disaster. Some are from Boston’s The Big Picture: ‘Massive earthquake hits Japan’. Some are from the US Navy. Others are from other places. Click on any image to see the larger views.

More News Coverage and Commentary

From USA Today: Japan disaster spreads worry across Pacific to U.S.

The extent of Japan’s devastation, aside from the nuclear worries, became clearer. The U.S. Agency for International Development, citing Japanese government sources, said 60,000 buildings were destroyed or damaged, as well as 704 roads, 26 bridges and eight railways. Transportation remained paralyzed, the United Nations’ humanitarian office said, and about 371,800 people were housed in government-established shelters.

The government said 1.25 million households remained without electricity and 1.4 million homes had no access to safe drinking water.

Tokyo Electric Power suspended rolling blackouts but asked customers to limit power use. A fire at an oil refinery 25 miles east of Tokyo, ignited after the earthquake, continued to burn.

Financial Impact

Japan’s damage will likely cost well over $100 Billion according to the New York Times:

Apart from an expected $35 billion in insurance claims from last week’s earthquake, the financial losses in Japan will probably fall most heavily on the Japanese government once it tallies the damage from the tsunami and the nuclear disaster.

Japanese insurance companies, global insurers and reinsurers, hedge funds and other investors in catastrophe bonds are all expected to bear a portion of the losses that seem likely to exceed $100 billion. Total damage from the 1995 earthquake in Kobe, Japan, was estimated at $100 billion, according to the Insurance Information Institute, but only about $3 billion of that was covered by insurance.

The disaster in Japan is causing not only a tremendous amount of financial impact in Japan, but also in other countries. The US economic impact is detailed by USA Today’s Money column:

The global financial turmoil sparked by Japan’s earthquake, tsunami and nuclear crisis — which has wiped out about $300 billion in U.S. stock values alone this week — is particularly troubling for the United States and several other countries, where an economic recovery has been showing signs of derailing because political unrest in Libya and the Middle East has led to a sharp run-up in crude oil prices.

Already, the turmoil in Japan is affecting U.S. companies, investors and consumers, threatening disruptions in the flow of products and parts used to manufacture everything from Apple iPads to Sony televisions.

Have you seen more interesting coverage? Please let me know or drop a link in the comments. Thanks!