Japan may raise its nuclear crisis to a level seven from a level five, according to the Kyodo news agency. That level would equal Russia’s Chernobyl disaster as the earthquake-plagued nation desperately tries to contain the amount of radiation admitted. The Three Mile Island accident in 1979 was a level 5.
Nuclear power-related shares are taking a hit, Germany may abolish nuclear power altogether in 12 years and iodine tablets are selling fast on the U.S. West Coast as radiation fears reach new heights. The global overreaction from this rare 9.0 magnitude earthquake and massive tsunami that followed may set back the safest and easiest way for this country to solve its energy crisis, investors said.
“The Fukushima meltdown may mark a high point in anti-nuclear hysteria,” said John Downs of Euro Pacific Capital, in a note to clients Monday. “As a result, investors should not treat nuclear-related stocks as if they were radioactive. Eventually, reason prevails, and the truth is that nuclear power is hands down the best option available for powering the 21st century.”