Japan faces up to $309 billion in costs as a result of the magnitude 9.0 earthquake and subsequent tsunami that ravaged the country’s northeast region, making it the world's most expensive natural disaster on record.

Japan’s government issued a statement listing the losses related to the extensive damage to housing, roads, utilities and businesses across seven prefectures. According to a Cabinet Office estimate issued Wednesday, Japan faces direct losses of between 16 trillion yen ($198 billion) and 25 trillion yen ($309 billion).

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