The government estimated Wednesday the economic impact from the March 11 earthquake and tsunami in seven affected prefectures to cost up to ¥25 trillion ($309 billion) — an amount almost four times that of Hurricane Katrina in the U.S.
The government also warned that recoveries in the export and industrial sectors could halt due to the disaster.
The destruction of social infrastructure, housing and corporate facilities in the areas could cost between ¥16 trillion and ¥25 trillion, according to the Cabinet Office. This could push the nation's economic growth rate lower by 0.5 percent.