Fukushima nuclear accident could cost tax-payer $trillions

“In America, ….. the necessary insurance for nuclear operators is capped at just $375 million by law,

Ultimate costs from nuclear accidents can be difficult to predict, but many estimates place total damages, including economic loss, in the trillions.……

a severe accident at just one of Southern Company’s existing Plant Vogtle reactors in Georgia could cause up to 39,000 immediate injuries and cost over $70 billion (in 1982 dollar and Census figures).

Japan Nuclear Disaster Update, CleanEnergy Footprints   May 5“…….Despite all of the concern over health, radiation and environmental hazards raised by this disaster, Tepco shockingly does not have disaster insurance. Speculations are that the company will be nationalized and that the Japanese government, which likely means taxpayers, will assume the burden of Tepco’s massive liabilities.

The fact that most nations with nuclear reactors do not require the operators to carry insurance extensive enough to cover damages from potential disasters is an issue of great concern. As the Associated Press reports, “In America, where no new reactors have been planned and completed since the 1979 Three Mile Island accident, the necessary insurance for nuclear operators is capped at just $375 million by law, with further claims funded by the utilities, up to a maximum of $12.6 billion.”

Ultimate costs from accidents can be difficult to predict, but many estimates place total damages, including economic loss, in the trillions. You can read more on this discussion here, and also access a  1982 report to Congress that estimated the public health impacts and financial damages if a severe accident were to occur at an existing nuclear reactor site. The report estimated that a severe accident at just one of Southern Company’s existing Plant Vogtle reactors in Georgia could cause up to 39,000 immediate injuries and cost over $70 billion (in 1982 dollar and Census figures).
CleanEnergy Footprints » Archive » May 5: Japan Nuclear Disaster Update

May 6, 2011 - Posted by Christina Macpherson | 2 WORLD, business and costs, Japan