Noto Peninsula Earthquake

Japan to Double 2024 Budget’s Reserve Fund After Noto Quake; ¥1 trillion Available for Reconstruction, Other Purposes (Update 1)

The Yomiuri Shimbun

13:22 JST, January 10, 2024 (updated at 17:00 JST)

The government plans to double the reserve fund for fiscal 2024 to ¥1 trillion to cover the cost of rehabilitation and reconstruction of the Noto region of Ishikawa Prefecture, which was hit by a powerful quake this month.

The Cabinet is expected to approve the plan on Tuesday next week.

Last year, the government set aside ¥500 billion as a reserve fund in the draft budget for the coming fiscal year, starting in April.

On Tuesday, the government decided to spend ¥4.74 billion from reserves from the fiscal 2023 budget for “push-type assistance,” in which the government provides aid without waiting for requests from quake-affected local bodies.

Prime Minister Fumio Kishida on Friday ordered Finance Minister Shunichi Suzuki to increase the reserve fund, saying it was essential to take seamless measures for recovery.

The Cabinet earlier approved the draft budget for fiscal 2024 on Dec. 22. It is unusual for the Cabinet to approve a draft budget again with revisions.