Friday, June 21, 2013

International Comparison of Corporate and Government Liabilities for Nuclear Accidents

I found a good summary of international liability schemes for nuclear accidents.
It was made by the Japanese Atomic Energy Commission Bureau.
So I simply converted the values in Japanese yens to the ones in U.S. dollars.

Table. Corporate and Government Liabilities for Nuclear Accidents
CountryOperator's liability (liability)Legal damagesGovernment maximum liabilityImmunityInternational treaty
FranceLimited600 million F (91,469,410.34 euro) ($118 million)If payment exceeds the legal damages, amount up to 300 million SDR ($459 million) including overseas contribution is guaranteed based on the Brussels Treaty.· Act of combat, act of hostility, civil war, riot
· Unusual, gigantic natural disasters
· Paris Convention
· Brussels Supplementary Treaty
GermanyUnlimited2.5 billion euro ($3.212 billion)
= Liability insurance (approx. 256 million euro) + Fund assurance by the parent company (utility) of the operating company (approx. 2.24 billion euro)
If the above measures fail to work, the government compensates up to 2.5 billion euro ($3.212 billion).· None· Paris Convention
· Brussels Supplementary Treaty
· Joint Protocol
JapanUnlimited120 billion yen ($1.504 billion)If the payment exceeds the legal damages, aid is given (as needed)· Social convulsion
· Unusual, gigantic natural disasters
Non-member
South Korea· Limited
· 300 million SDR ($459 million)
50 billion won ($44 million)If the payment exceeds the legal damages, aid is given (as needed)· International armed conflict, acts of hostility, civil war, riotingNon-member
SwitzerlandUnlimited1.1 billion SF ($1.173 billion)If payment exceeds the legal damages, or the operator's provision does not work, amount up to 1.1 billion SF ($1.173 billion) is guaranteed.· Deliberation or gross negligence of victim· Paris Convention
· Amended Paris Convention (not effective)
· Amended Brussels Supplementary Treaty (not effective)
United KingdomLimited140 million SP ($221 million)If payment exceeds the legal damages, the amount up to 300 million SDR ($459 million) including overseas contribution is guaranteed based on the Brussels Treaty.· Act of hostility in the process of armed conflict.· Paris Convention
· Brussels Supplementary Treaty
United States· Limited
· $12.594 billion (Same amount with legal damages)
Approx. $12.594 billion
= Liability insurance ($375 million) + Operator's mutual aid scheme (approx. $12.219 billion)
If the payment exceeds the legal damages, the President submits a compensation plan to the Congress for the Congress to take necessary action.· Act of warCSC (Convention on Supplementary Compensation for Nuclear Damage) (not effective)

Note: Annual average exchange rates in 2012 (World Bank (2013), IMF (2013))
1 U.S. dollar =0.778294Euro

79.790455Japanese Yen

1,126.470826Korean Won

0.937684Swiss Franc

0.633047U.K. Pound Sterling

0.653031Special Drawing Rights (SDRs)

Source for the table:
Atomic Energy Commission Bureau. (2011). Estimation of Accident Risk Cost in Nuclear Power Plants [PowerPoint slides]. Tokyo, Japan: Atomic Energy Commission of Japan. [Full-text at http://j.mp/Nuke_Compensation]

Sources for 2012 annual average exchange rates:
(1) Currencies:
World Bank. (2013). Official exchange rate (LCU per US$, period average). Washington, DC: The World Bank. Retrieved June 21, 2013 from http://data.worldbank.org/indicator/PA.NUS.FCRF
(2) Special Drawing Rights (SDRs):
IMF. (2013). SDRs per currency unit for the period January 01, 2012 - December 31, 2012. Washington, DC: International Monetary Fund. Retrieved June 21, 2013 from http://j.mp/SDR_USD_2012

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