The Japanese lower house of Parliament today approved an initial emergency budget to start rebuilding the country needed after the devastation caused by the earthquake and subsequent tsunami on 11 March. The approved amount is EUR 32,700 million (48,500 million dollars) for the manufacture of temporary housing for people during the strong quake homeless, in addition to debris removal.
It is the first batch of several aid packages, while the total damage caused by the disaster are estimated at EUR 200,000 million (300,000 million). This will be the largest effort facing Japan's economy in the last 60 years. Following approval of the Congress today, on Monday this item must be ratified by the Senate.
While the upper house is controlled by opposition parties the Government, is expected to pass Congress this proposal is a mere formality, as opposition MPs have already confirmed they will vote in favor of the proposal. However, analysts believe that the political battle for approval of the following items, as the crisis is affecting the situation caused by the already deficient Japanese economy.
The Prime Minister, Naoto Kan, undermined by his handling of the crisis, said Japan would need a new bond issue to acquire additional funding, if not approved, would further weaken his presidency. The latest setback has lived the chief executive's resignation has been one of his advisers in atomic, who resigned in tears yesterday to protest what he claimed was a mishandling of the crisis by the Government.
"The cabinet of Prime Minister and the administration has taken impromptu decisions, ignoring proper procedures," said Kosak Toshisada yesterday, anti-radiation safety professor at the University of Tokyo. The earthquake and tsunami of March 11 is the worst tragedy that has gripped Japan since the Second World War.
The death toll has now reached 28,000 people. The disaster has also left a trail that is still not resolved: a nuclear crisis on the plant in Fukushima, one of the provinces most affected by the earthquake. 
It is the first batch of several aid packages, while the total damage caused by the disaster are estimated at EUR 200,000 million (300,000 million). This will be the largest effort facing Japan's economy in the last 60 years. Following approval of the Congress today, on Monday this item must be ratified by the Senate.
While the upper house is controlled by opposition parties the Government, is expected to pass Congress this proposal is a mere formality, as opposition MPs have already confirmed they will vote in favor of the proposal. However, analysts believe that the political battle for approval of the following items, as the crisis is affecting the situation caused by the already deficient Japanese economy.
The Prime Minister, Naoto Kan, undermined by his handling of the crisis, said Japan would need a new bond issue to acquire additional funding, if not approved, would further weaken his presidency. The latest setback has lived the chief executive's resignation has been one of his advisers in atomic, who resigned in tears yesterday to protest what he claimed was a mishandling of the crisis by the Government.
"The cabinet of Prime Minister and the administration has taken impromptu decisions, ignoring proper procedures," said Kosak Toshisada yesterday, anti-radiation safety professor at the University of Tokyo. The earthquake and tsunami of March 11 is the worst tragedy that has gripped Japan since the Second World War.
The death toll has now reached 28,000 people. The disaster has also left a trail that is still not resolved: a nuclear crisis on the plant in Fukushima, one of the provinces most affected by the earthquake.
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