Japan on Economic Crisis

Eastern Japan has been in a terrible ruckus lately because of the horrible earthquake and tsunami that unrelentingly hit the country. Not were the lives of the affected Japanese people were sacrificed but also the entire livelihood of the rest of the people. Just days after this natural calamity, a new event has waged havoc in this country—a couple of nuclear reactors in the affected prefectures exploded and radioactivity threats that affected households at a 20-kilometer radius. As a result, this radioactivity has affected the prefectures’ main economic source which is fruit and vegetable exports. Now that these are speculated to be contaminated, countries such as the USA, China, Australia Hong Kong and Singapore has already banned foods coming from Japan to be imported to their countries. With this economic crisis, the government of Japan has demanded the Tokyo Electric Power Company (Tepco) to pay one million yen which roughly is equal to 7, 365 pounds to every family within thirty kilometres of the nuclear plant n Fukushima. Compensation claims are highly advised to be made by the people affected; 10 members made up of medical, legal and nuclear experts are tasked to determine the people who are eligible for making compensation claims and people who have suffered mental trauma are to be compensated too. With this, the total compensation claims could reach as much as eleven trillion yen as estimated. It is a very big amount to be given away, yes, but analysts are confident that Tepco can withstand such financial and economic crisis.