Daniel Wagner
The Huffington Post
March 17, 2011
Japan’s first week of this crisis has revealed to the world what many Japan watchers have known for many years — that it was woefully unprepared to deal with an inevitable severe earthquake and its repercussions.
TEPCO (the Tokyo Electric Power Company) and the Japanese government have unfortunately fulfilled the expectations of many who are familiar with their histories addressing crises, in which they have proven either inept or purposely misleading in delivering trustworthy information to the public. To proclaim, as one Japanese minister did last weekend, that the amount of radiation released at that time was equivalent to a CAT scan was simply absurd. We should not have expected more from TEPCO, which has in previous instances delivered purposely misleading information. But the Japanese government had an opportunity to shine in managing this crisis; it has regrettably fallen fall short of the mark.
Had TEPCO and the government either had a handle on what was occurring at the Fukushima nuclear complex, or been honest and forthright in reporting what was occurring, they might have put themselves in a position to reach out for international assistance more rapidly, and the events over the past week at the complex may not necessarily have unfolded as they have.
U.S. government officials have expressed alarm at how this ordeal has been handled and envision a possible ‘dead zone’ in Northeast Japan for decades. We could see a scenario in which a large swathe of northeast Japan becomes permanently uninhabitable. Were that to occur, the impact on the Japanese economy would clearly be severe and would preclude the idea of rebuilding areas impacted by the quake and tsunami. As bad as that would be, the impact on companies expecting to participate in the rebuilding effort would be unwelcome, and the anticipated ‘bounce’ in global share prices as a result of spending an anticipated $200 billion to rebuild the area would prove to be premature, since it may not happen at all. Continue reading “Japan’s Unsavory Options”