The effects of Japanese earthquakes to the rest of the world Essay

The effects of Japanese earthquakes to the rest of the world - Essay Example However we all strong and weak alike always lives at the mercy of mother nature and when she unleashes her anger on us; most improved of the human alarming system and protective measures have little to offer. On 11 March, 2011 Japan courted one of the worst earthquake attacks in the history of the nation that measured 8.9-9.0 in Richter scale. The â€Å"earthquake occurred offshore of the east coast of the Tohoku region on the Island of Honshu, Japan.† (RMS Special Report) After the main shock several smaller one follow suit. This earthquake was followed by high tidal wave or tsunami. Adding to the agony the combination of earthquake and tsunami resulted in atomic reactor malfunctioning and eventual burst of the same. These series of catastrophic events without any doubt have resulted in loss of thousands of lives but the cumulative dangers it holds embedded within itself perhaps outweighs the immediate loss that human life living in Japan has incurred so far. This article lea ds an opinion based illustration of the impact of Japanese earthquake on the local and global community regarding the short and long run economy and environment. First of all the immediate impact of the earthquake and the tsunami is on the local community through the destruction of thousands of house, properties and human life. A primary estimate of insured property loss has accounted that only in terms of property a loss equivalent to US$12bn – 35bn has been incurred in this particular earthquake. It should also be kept in mind that this is only a preliminary estimate that is expected to row with time and in actual terms. (Fitch Ratings ) The city of Sendai was worst hit and in entire Japan well over 12 million people who accounts for 10% of the total Japanese population have been significantly affected from this earthquake. Apart from the property an estimated number of 10000 to 50000 cars must have been damaged by the earthquake. Numerous numbers of small sea vessels along with 90 large commercial vessels succumbed to the quake and tidal wave that followed it. Above all over 10000 people are reported missing or dead following the earthquake. (EQECAT; RMS Special Report) Considering the nuclear reactors; at least two are severely damaged. The Fukushima reactor or reactor 1 and reactor 3 both are at danger. These plants are contaminating the environment through the nuclear leakage and radiation has spread as far as Glasgow from them. This particular incident exposes the local and global residents alike since nuclear contamination is a great danger that can spread miles and over continent and can remain in the environment for hundreds of years. Already Russia, China, USA and even Korea have expressed great concern over this issue. (News Flavor) The economic effect on Japan and the rest of world from this earthquake is worth discussing and will have short run and long run dimension. First and foremost the immediate government response and the response th rough aids from the bank of Japan will burden the economy immediately. Funds have to be canalized from other sectors in rescue and restore operations and that will definitely slow down the growth and development process that the nation was experiencing so far. Already the central bank of the country the Bank of Japan has