Fears of a major: A major earthquake off the country’s Pacific coast could cost the economy $1.81 trillion (270.3 trillion yen) and kill nearly 300,000 people, according to a new estimate from the Japanese government.
Fears of a major, The estimate is much higher than previous estimates of 214.2 trillion yen, according to Reuters. The new report takes into account inflation, changes in land data and an increase in potential flood zones. According to the Japanese government, there is an 80 percent chance of a magnitude 8-9 earthquake in the Nankai Trough. If the earthquake hits at night or in winter, 298,000 people could die and 1.23 million people could be displaced. It should be noted that in 2011, a magnitude 9 earthquake and tsunami killed more than 15,000 people in Japan.
A potential earthquake in the Nankai Trough could trigger a devastating tsunami, collapse hundreds of buildings and cause widespread loss of life, according to a report released by the Japanese Cabinet Office. The area stretches for about 900 kilometers in the Pacific Ocean southwest of Japan, where the Philippine Sea Plate is subducting under the Eurasian Plate.
Experts say the region is prone to major earthquakes every 100 to 150 years due to tectonic stresses. Last year, Japan issued its first warning of a possible magnitude 9 earthquake in the region. Japan is one of the world’s high-risk countries for earthquakes. It has invested heavily in recent years to make buildings earthquake-proof, improve tsunami warning systems and public education programs. However, the new report shows that more needs to be done to reduce the scale of the potential disaster.