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Thursday, March 24, 2011

The earthquake in Japan: the most expensive natural disaster in history


The violent earthquake and tsunami that struck Japan on March 11 could cost 140,000 million euros ($ 200,000 million) to the third world economy, the highest bill so far for a natural disaster, according to a Thursday bank Goldman Sachs.

"We believe the total cost of damage caused by the earthquake (and tsunami) March 11 could rise to 16 trillion yen,"wrote Goldman Sachs economists.

This bill will be higher than the Kobe earthquake in 1995 (9.6 trillion), considered so far by Goldman Sachs as a "natural disaster" most devastating in economic terms.

The calculation is, however, lower than official estimates by the Japanese government, under which the disaster could cost 200,000 million euros to Japan's economy.

THANKS TO UNIVERSAL

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