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View Diary: Fukushima: Restoration Roadmap Released Rov #50 (187 comments)

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  •  Here's some news from tomorrow, for those (7+ / 0-)

    who want to get ahead.  I do understands time zones, but, it still strikes me as cool, that we can get news from April 18, on the 17th.   Feels, like we have a little telescope into the future.

    But, this looks like one of those rare occassions, when government is not only doing the right thing for the citizens, at the same time as being wise, and creative.  

    Am I wrong to think this news about a new Japanese Compensation fund modeled after the US Federal Deposit Insursance Corporation seems creative and wise, and a remarkable fast response from a government still reeling to respond to three ongoing emergency disasters, all at once?

    By requiring all utilities to contribute, to a collective mutual aid fund, the government seems to be getting the real costs closer to the source of the real risk and profit.  If they make the required payments proportional to the fraction of the electrical generation the utility is generating from nuclear, it could be a model to use in the US.  

    But, also, could be a real benefit to Japanese residents, who must find this rapid series of announcements about compensation in one day, reassuring.  

    I have been one of many who have been critical of the slowness and lack of transparency in Japan's intial response, but, unless I am missing something, I might have to congratulate them on shifting into high gear on the efforts to compensate residents.  

    Also, these articles I've been linking contain lots of information about the government trying to make arraingments, as soon as possible, to let residents of the evacuation zone, visit their property biefly to recover valuable, papers, and check their properties.  I only left these out, in an attempt to be more careful about fair use rules, which I accidently probably crossed in the one longer quote upstream.  Sorry, I thought I had cut that one down more than I did.

    New N-compensation body in pipeline
    The Yomiuri Shimbun

    The government is considering establishing an organization for paying compensation to victims of the nuclear accident at Tokyo Electric Power Co.'s Fukushima No. 1 nuclear power plant, according to sources.
    Under the scheme, other electric power companies would also be expected to contribute funds to the organization.


    The new organization would have two roles: payment of compensation to people affected by the nuclear accident, and establishment of a reserve fund for possible future nuclear accidents.

    snip ...

    The new organization would be modeled after the Deposit Insurance Corporation, which provides financial aid in the event of a financial institution going under, the sources said.


    TEPCO would contribute hundreds of billions of yen to the special account from its retained earnings and other sources, and the new organization would give financial aid to TEPCO in the form of government-guaranteed loans from banks.

    The new organization would also buy preferred TEPCO shares and the utility would pay back tens of billions of yen annually in the form of dividends for 10 to 15 years.
    Under a law covering compensation for nuclear accidents, the government would also contribute 120 billion yen to 240 billion yen to the organization via TEPCO.

    snip ...

    The government began considering the new organization with a view to subsuming TEPCO's compensation. By doing so, the government aims to avoid the worst-case scenario of electricity supply being interrupted due to TEPCO's financial collapse.

    snip ...

    (Apr. 18, 2011)

    Perhaps, I'm being overly optimistic, and this is such a way to prop up TEPCO to prevent such a large essential utility, from failing.   But, doesn't it appear, that Japan is striving for a way to do this, that is keeping the cost of this accident more closesly tied to the industry, than just open ended, government payments?

    But, good news for the poor evacuees.  

    One puzzling thing though, that I am confused about.  What is happening to help the millions of other residents who've lost their homes, and livelihoods, from just the tsunami, and earthquakes?   I seen a few poignant comments here, that these other victims are not getting enough attention.  

    Is the government making similar efforts for all of the  other victims as well?

    The means is the ends in the process of becoming. - Mahatma Gandhi

    by HoundDog on Sun Apr 17, 2011 at 01:38:41 PM PDT

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