TOKYO (AP) — Japan’s government Friday allocated $11.5
billion of public money to help a utility decontaminate its
tsunami-damaged nuclear power plant and dismantle the reactors.
The
aid is meant as a preliminary installment to help cash-strapped Tokyo
Electric Power Co. cover the massive cost of the work, Japan’s nuclear
minister, Goshi Hosono, said.
The 900 billion yen comes from the fund made up of all Japanese nuclear plant operators and the
government.
The
approval came after TEPCO and a state-backed fund submitted a business
restructuring plan for TEPCO to cut more than 2.5 trillion yen ($32
billion) in costs over the next 10 years and reduce more than 7,000
employees.
Hosono said a final report is planned in March.
TEPCO
has been bitterly criticized for its lack of transparency and slow
response to the crisis. The application process for residents and
business owners to seek compensation has also been called extremely
cumbersome.
Along with the huge costs of reconstruction, closing
the plant and decontamination, TEPCO faces billions of dollars in
compensation claims from people and businesses affected by the nuclear
crisis.
The controversial fund is designed to help the operator
meet its responsibilities without going bankrupt. The government is
contributing with zero-interest bonds that must at some point be paid
back.
The March 11 earthquake and tsunami cut power at the
Fukushima Dai-ichi nuclear plant, causing meltdowns at its reactors and
forcing nearby residents to evacuate due to radiation leaks.
The no-go zone within 12 miles (20 kilometers) of the plant was home to 80,000 people, who have no clear
prospects to return.
Copyright 2011 The Associated Press.