Japan's earthquake to set nation back by $309 billion

Japan's government has said that the cost of March 11 earthquake, tsunami and nuclear radiation woes, which have devastated the country, could reach $309 billion.

The extensive damage to housing, infrastructure and businesses could total between 16 trillion yen and 25 trillion yen ($309 billion), according to a Cabinet Office estimate released Wednesday.

That figure is considerably higher than other estimates. The World Bank on Monday said damage might reach $235 billion. Investment bank Goldman Sachs had estimated quake damage of as much as $200 billion, the AP reported.

The 9.0-magnitude quake and tsunami stuck Japan's northeastern coast, killing thousands of people and triggering off a nuclear crisis. The crippled Fukushima nuclear plant led to tens of thousands of people living in the vicinity being evacuated.

The government reportedly plans to inject public money into banks to help support lending as companies rebuild. A fund of 11 trillion yen ($135 billion) that is still available under a law on emergency support to banks passed after the 2008 collapse of Lehman Brothers is expected to finance the disaster-torn country.