Japan’s Earthquake/Tsunami Disaster
On March 11, 2011 an 8.9 magnitude earthquake hit Japan; one hour later a tsunami hit the coast, causing massive flooding and destruction. As of March 13, there were at least 10,000 speculated deaths, while Japan’s reconstruction and recovery costs were estimated at about $180 billion. On March 14, it was announced 430,000 people were in emergency shelters or staying with relatives, while another 24,000 were stranded.
Ten of Japan’s 54 nuclear reactors were shut down due to the earthquake and the resulting tsunami; while four of the Fukushima Daiichi reactors succumbed to actual damage, inciting international attention. It was only a matter of days after Japan’s nuclear troubles began before countries around the globe began to announce changes to their nuclear energy plans.
Nuclear Energy Technology Market Projections Shifted: Original Global Growth Estimates Lowered
After the accident at the nuclear Fukushima power plant SBI Energy estimates the future growth of the nuclear energy technology (NET) market will be dampened, totaling at least 5.2% less than originally projected in 2020.