Cost of Japan Disaster Pegged at $294 Billion

The Japanese government announces an emergency budget for disaster relief.

In what it's calling "the first step toward rebuilding Japan" after last month's earthquakes and tsunami, the Japanese government is proposing a special $47-billion (4 trillion yen) budget to help finance reconstruction. The government said the damage incurred by the disasters could cost $294 billion, making it the most expensive natural disaster in world history. About $14 billion of the proposed funds will go toward fixing roads and ports, while $8 billion will help build 100,000 temporary homes and clear rubble. Prime Minister Naoto Kan said that, after visiting survivors in shelters, he felt "with renewed determination that we must do our best to get them back [home] as soon as possible."