Following Japan’s “monstrous earthquake” (the largest in the region for over 1,200 years; seventh largest ever in the world), the country’s Fukushima power plant failed which has led to “fears of serious accident.” But experts have said that there isn’t a risk to human health from the low radiation. The crisis in Japan is no doubt escalating following Friday’s earthquake and tsunami ; a situation which isn’t being helped by the failure of another emergency cooling system at a different reactor.
Energy Fuels Japan’s Economy
Energy has always been a major source of economic sustenance for all countries. But for Japan it is even more the case. This is for the following reasons: less than half a percent of Japan’s crude oil supply is accrued from domestic sources; the country has to import more than 80 percent of all its major energy needs; and added to this fact is the issue that Japan is home to very few domestic sources of uranium, natural gas or coal. In spite of this, the country has managed to develop its economy into the second largest in the world. It has managed to decrease its dependability on crude oil since the oil crises’ in the 1970s by instead using a mixture of energy resources, one of these being nuclear power.
Which Way Forward Following Tsunami
So the question that will be asked when things start to calm down a little in Japan, is what is the way forward for Japan’s economy following the impact of the tsunami and the failed Fukushima Power Plant. It would be doubly devastating if the incredible work that has been done on bringing Japan to the forefront of global economic success were to be undone because of this crisis. Only time will tell what direction the country – and especially the economy – will be taking.