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| Earthquake in Japan 14/03/2011 |
| (2011-03-14) |
| Last updated: 2011-03-15 13:39 EET |
What initially looked like yet another of Japan’s regular earthquakes has ended in a nightmare. Following the strongest earthquake ever to hit Japan, the Earth's crust ruptured along an area about 400 km long by 160 km wide, and a series of volcano eruptions were triggered in Japan, Indonesia and Kamchatka.
The quake also generates a tsunami that swept through the country’s northeastern coasts, leaving behind a disaster that satellite images have picked up and shown across the world. The number of dead rises with every new toll. In many areas, there is no running water and millions of people were left without power. Transport and food supply have also been upset in areas not seriously affected by the quake, as power supply is low, given the country’s reduced production capacity.
The Japanese nuclear industry provides between 25% and 30% of the national energy production. The risk of a nuclear catastrophe emerged with problems of the plants’ reactors’ cooling system. Thousands of chemical experts have been sent to the area, while explosions caused by the numerous aftershocks have led to the evacuation of hundreds of thousands of people in areas as long as 20 km.
The radiation level is being carefully monitored, with the 1986 Chernobyl accident on everybody’s mind. Japanese Prime Minister Naoto Kan has said the country is facing the worst crisis since WWII. Damage is assessed to reach 8% of the GDP of the world’s 3rd biggest economy. Analysts believe that stopping production at companies such as Toyota, Nissan, Toshiba and Honda will have a serious impact on the country’s GDP during the first quarter.
The general opinion is that the tsunami that has brought the local economy to a standstill will influence the entire world economy. A drop in oil consumption and other industrial raw materials could lead to a reduction in inflationist pressures of the world’s economy. Japan’s huge efforts to recover from the earthquake have been accompanied by massive aid from dozens of states and international organisations.
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