compensation, nikkei, tepco

Full Compensation For Homes In Highest-Radiation Zone, nikkei, 3/17/12

TOKYO (Nikkei)–Owners of homes and real estate in the areas with the highest radiation levels will receive the full value of these assets from before the nuclear accident, under compensation guidelines drawn up by a government panel Friday.

At the end of this month, the government plans to divide the evacuation district in Fukushima Prefecture, where Tokyo Electric Power Co. (9501) operates the Fukushima Daiichi nuclear power plant, into three zones according to accumulated radiation levels.

The guidelines call for full compensation to owners of real estate in the zone with the highest radiation, where residents will be prohibited from returning home for at least five years. For the other two zones, Tepco and owners are to negotiate reduced payment amounts.

Regarding compensation for evacuation expenses and psychological harm, each resident of the most restricted zone is to receive a lump sum of 6 million yen to cover a five-year span, those from the middle zone will get 2.4 million yen for a two-year period, and residents of the least restricted zone will be paid 100,000 yen a month for the time being.

All three zones will have no deadlines for the completion of compensation payments for employment- and business-related losses. Such compensation will not be reduced for residents who have found new jobs.

The panel will discontinue activities for now, having discussed compensation guidelines since last April. Tepco will make payments based on the panel’s guidelines. A settlement body established by the government will handle disputes over compensation between Tepco and victims.

About liz

from the u.s., recently moved from kobe to sendai, japan, researching community-based housing recovery after disaster.

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