Jiji Press TOKYO (Jiji Press) — A possible huge earthquake in the Nankai Trough off the western and central Pacific coasts is estimated to cause up to ¥1,240 trillion of economic losses over two decades, the Japan Society of Civil Engineers said Thursday.
The academic society made the estimate for the disaster’s long-term impact, including through damage to production facilities and traffic networks, on top of the Cabinet Office’s assessment released in 2013 that the earthquake and ensuing tsunami could cause up to ¥170 trillion of direct damage to buildings, factories and other assets.
Meanwhile, the group put 20-year economic damage from a massive earthquake just beneath Tokyo at ¥731 trillion at the largest, besides up to ¥47 trillion of immediate physical damage, projected by the government agency.
Total tax revenues for the central and local governments are estimated to fall ¥131 trillion for 20 years after the Nankai Trough quake, and to drop ¥77 trillion for the same period after the beneath-the-capital temblor.
The civil engineering society’s estimates are included in its report on measures against major disasters. The 20-year time span was adopted because such a long time was needed for economic recovery following the 1995 Great Hanshin Earthquake.