TOKYO, Nov. 4 (UPI) -- The Japanese government Friday approved $11.5 billion in assistance sought by the operator of a quake-hit nuclear power plant for compensation to victims.
The aid (900 billion yen) will allow the cash-strapped Tokyo Electric Power Co., to disburse massive compensation to people affected by the nuclear crisis at the Fukushima Daiichi plant that was crippled by a March 11 earthquake-tsunami. .
The approval came after the company and a state-backed funding body offered a plan to cut more than 2.5 trillion yen ($32 billion) in costs over 10 years, Kyodo News reported.
As part of that plan, the company had requested 1.01 trillion yen (nearly $13 billion) in financial assistance.
The Wall street Journal said the government wants to keep the company going so it does not face any capital deficit this year that could have a major impact.
