The government on Friday decided on a plan to spend about ¥1.6 trillion over a five-year period from fiscal 2021 for reconstruction measures related to the March 2011 earthquake and tsunami.
The amount for the second phase of the restoration period as designated by the government is down sharply from some ¥31.3 trillion for the 10 years through fiscal 2020 ending in March.
The quake and tsunami ravaged the Pacific coastline of Tohoku, particularly in Iwate, Miyagi and Fukushima prefectures.
The Reconstruction Agency’s term of service has been extended for 10 years until the end of March 2031, and its outposts in Iwate and Miyagi will be moved to tsunami-hit areas on the coast.
As for areas affected by the triple core meltdown at the Fukushima No. 1 power plant, the government will review the size and cost of the related reconstruction projects if necessary. The plant is managed by Tokyo Electric Power Company Holdings Inc.
Of the ¥1.6 trillion slated for the coming five years, ¥700 billion will be covered with funds leftover in the budget for phase one, while ¥300 billion will come from the special reconstruction tax and ¥600 billion from nontax revenue, including dividend income from state-held shares in Japan Post Holdings Co.