Pact agreed on international nuclear accident compensation

• 9 years ago (2015-01-17)
• Junior Isles

Asia 849 Middle East 312 Nuclear 640

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An international pact on nuclear disaster compensation will come into force on April 15 after a Japanese government representative signed the treaty and handed a letter of acceptance to the International Atomic Energy Agency.

The Convention on Supplementary Compensation for Nuclear Damage, which will come into force 90 days after Japan’s treaty acceptance, obliges each country to cover at least Yen47 billion ($400 million) of compensation in connection with nuclear disasters within their borders. The other member countries are required to contribute to compensation above that amount with funds set aside by business operators related to nuclear power.

Under the treaty, Japan will contribute up to Yen4 billion ($34 million) to an international fund and could receive up to Yen7 billion  to cover compensation in the event of another nuclear accident.

Japan joins five existing parties to the convention – the United States, Argentina, Morocco, Romania and the United Arab Emirates.