The Japanese government approved a request on Friday for some 900 billion yen (11.9 billion dollars) of aid by the operator of a damaged nuclear power plant, which faces claims from victims of the nation’s worst atomic accident, local media reported.
The funds will help Tokyo Electric Power Co (TEPCO), which runs the Fukushima Daiichi Nuclear Power Station, meet compensation payments.
The plan will also require TEPCO to slash at least 2.5 trillion yen in costs over 10 years in order to receive the aid from a state-backed institution established in September.
The plant suffered meltdowns at three reactors after it was crippled by the March 11 earthquake and tsunami. It has been leaking radioactive material into the environment ever since. Tens of thousands of residents have been forced to leave the area.
The utility was to release its earnings report for the July-September quarter later in the day.