Japan Says New Year Earthquake Destruction Could Cost $17 Billion

A cabinet office official confirmed the figures, which were calculated using data from past major earthquakes and reported to a government economic meeting on Thursday.

The cost of the damage wreaked by a huge New Year's Day earthquake that killed at least 236 people in central Japan could reach $17.6 billion, a government official said Friday.

The magnitude-7.5 earthquake and its aftershocks devastated parts of Ishikawa prefecture on the Sea of Japan coast, toppling buildings, ripping up roads and sparking a major fire.

Damage in Ishikawa and two neighbouring regions is likely to cost between 1.1 trillion yen ($7.4 billion) and 2.6 trillion yen ($17.6 billion), according to a government estimate.