The Cabinet Office said in a report carried by all major newspapers that the estimate of USD 2.3 trillion in damage was based on expectations for a magnitude 9 earthquake striking in the Nankai Trough, which runs from just southwest of Tokyo to the east of the southern island of Kyushu.
A magnitude 9 earthquake struck off the northeastern coast in March 2011, unleashing a massive tsunami that killed nearly 20,000 people.
The Cabinet intends to use the higher damage estimate in drawing up disaster preparedness plans.
Tokyo: A government panel has sharply increased its financial estimate of how much damage a major quake centered off the coast of central Japan would cause, raising the urgency of disaster preparedness for much of the country's eastern coast.
First Published: Tuesday, March 19, 2013, 14:17