Japan to double emergency funds after New Year's Day quake

Japan to double emergency funds after New Year's Day quake
Japan to double emergency funds after New Year's Day quake

Hello and welcome to the details of Japan to double emergency funds after New Year's Day quake and now with the details

Nevin Al Sukari - Sana'a - This photo taken on January 15, 2024 shows local residents receiving water supply assistance in Shika town, Ishikawa prefecture, two weeks after a major 7.5 magnitude earthquake struck the Noto region in Ishikawa prefecture on New Year's Day. ― AFP pic

TOKYO, Jan 16 ― Japan plans to double a fund used for disaster relief and other contingencies to US$6.8 billion (RM31.9 billion) after a devastating New Year's Day earthquake, the government said today, as snow worsened conditions for survivors.

The 7.5-magnitude quake and powerful aftershocks killed at least 222 people in central Japan, laying waste to houses and infrastructure.

In the Ishikawa region on the Sea of Japan coast, about 16,700 people were still stuck in limbo in shelters, many without running water.

Advertisement

“Uninterrupted support is necessary for the reconstruction and recovery of the disaster-hit areas,” Hiroshi Moriya, deputy chief cabinet secretary, told reporters.

In the fiscal year from April, the government will raise its reserve fund ― used for emergencies from disasters to economic downturns ― from ¥500 billion to ¥1 trillion, he said.

The revised draft budget is expected to be approved by ministers later today and will then be submitted to parliament for enactment.

Advertisement

Separately, around ¥100 billion from the current fiscal year's reserve fund was set to be earmarked for a relief package for the New Year's Day quake, he added.

Fears are rising of further deaths due to worsening health conditions in shelters as a cold front blankets the coast in snow.

TV footage showed a long line of evacuees with heavy coats and umbrellas waiting for food rations, while others sifted through donated winter clothing.

Officials are trying to move people to secondary shelters in other regions with water, electricity and heaters, but progress has been slow.

Today, the quake-ravaged city of Wajima said it had made prolonged accommodation arrangements for displaced residents at hotels elsewhere in the country.

“Our infrastructure has been decimated, and full-fledged reconstruction is still nowhere in sight,” the city said in a statement.

Even so, analysts said the impact of the disaster on Japan's economy will likely be limited, as the earthquake struck a remote area with few industrial sites.

Takahide Kiuchi, an economist at the Nomura Research Institute, evaluated the cost of material damage at around ¥800 billion in a preliminary estimate.

That figure represents only 0.15 per cent of the country's GDP, and less than five per cent of the damage cost of the huge earthquake and tsunami that devastated northeastern Japan in 2011. ― AFP

These were the details of the news Japan to double emergency funds after New Year's Day quake for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Malay Mail and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT US says won’t send troops to Ukraine after Macron comments

Author Information

I am Joshua Kelly and I focus on breaking news stories and ensuring we (“Al-KhaleejToday.NET”) offer timely reporting on some of the most recent stories released through market wires about “Services” sector. I have formerly spent over 3 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full time basis for Al-KhaleejToday.NET specializing in quicker moving active shares with a short term view on investment opportunities and trends. Address: 838 Emily Drive Hampton, SC 29924, USA Phone: (+1) 803-887-5567 Email: [email protected]