The electric company that operates the damaged Fukushima nuclear plant in Japan has announced it will pay compensation to those affected by the release of radiation and subsequent evacuations around the plant.
The announcement by Tokyo Electric Power Company, or TEPCO, on Tuesday sent shares in the company tumbling to a 60-year low because investors feared the huge amount of compensation claims.
TEPCO said it has not yet determined the amount of compensation it would pay. The Reuters news agency said outside analysts have estimated the claims against the company could reach more than $130 billion.
The company said it would work with the Japanese government to determine the amount of compensation, which would be designed to reimburse those affected by the accident for medical costs, lost income and extra living costs due to evacuations.