Chernobyl’s ticking time bomb

The world’s attention is glued to Japan’s nuclear crisis but another potential time bomb is still ticking alongside the European Union’s eastern border in Chernobyl, Ukraine, site of the world’s worst nuclear disaster.

On the eve of the 25th anniversary of the tragedy, Ukraine is stepping up efforts to raise hundreds of millions of dollars from the international community to build a proper shelter for nuclear waste at the site. The persistent fear is that the existing shelter is temporary, parts of it are dilapidated and it could leak – or even collapse, triggering a large-scale release of radiation.

One of four nuclear reactors at the Chernobyl nuclear power plant – all shut down now but still home to massive quantities of dangerous nuclear waste – exploded on April 26, 1986 when Ukraine was still part of the USSR. The accident sent radioactive clouds into Europe and across the world, polluting areas in Ukraine and Belarus particularly badly.

Ukrainian authorities say the tragedy caused up to a million deaths. Victims included Soviet workers who heroically took part in immediate efforts to put out the fire and built a temporary confinement, as well as many more ordinary citizens said to have died prematurely from related diseases triggered by radiation.

“The tragedy in Japan reinforces the importance and urgency of building a new shelter in Chernobyl,” said Serhiy Lyovochkin, chief of staff to Ukraine’s president Viktor Yanukovich.

Speaking at a briefing with journalists on Thursday, Lyovochkin said Ukraine expects top world leaders, including José Manuel Barosso, head of the European Commission, to attend a Kiev summit meeting in April to discuss the issue – and to deliver on pledges to provide long-delayed funds to build a new protective sarcophagus over Chernobyl.

Cash-strapped Ukraine was hit particularly hard by the 2009 global recession. Gross domestic product plunged 15 per cent. The country says it needs help to build a newer, safer and long-term shelter.

Despite the explosion at reactor number four in Chernobyl, Ukrainian officials kept other reactors at the site working, only agreeing to shut them down in 2000 after international aid was promised to build a sarcophagus over the site.

International donors, including the European Commission, have committed about €2 bn to projects aimed at cleaning up the area and securing reactor number 4.

But Kiev, which still restricts access to a 30-kilometre zone around the Chernobyl plant, says it still needs more than €700m in fresh funds to construct the proposed €1.9bn sarcophagus and a nuclear waste storage facility. At a “pledging conference” to be held on April 19 alongside the summit, donor countries and organizations will be asked to make fresh commitments.

The European Bank for Reconstruction and Development has contributed €135m and is assisting Ukraine in raising and managing funds as well as implementing construction of a new safe confinement for the damaged reactor 4 and completion of an interim storage facility for spent nuclear fuel.

In a recent statement, the EBRD described the Chernobyl site as “a disaster that is still presenting the international community and Ukraine with a major challenge.”

Further reading:
Nuclear power: Too hot to handle, FT
Nuclear power file, beyondbrics

Global equities macromap

Number of the day

12.4% Fall in Mail.Ru shares on Monday, on the back of its Facebook stake.

beyondbrics

The emerging markets hub

About this blog Headlines email Blog guide
News and comment from more than 40 emerging economies, headed by Brazil, Russia, India and China.



'Like' our beyondbrics Facebook page, where we showcase a top story of the day
Sign up for our news headlines and markets snaphot service. We have two emails per day - London and New York headlines (sent at approx 6am and 12pm GMT).

To comment, please register for free with FT.com and read our policy on submitting comments.

There is an overall beyondbrics RSS feed, as well as feeds for all our countries, tags and authors. Learn more in our full RSS guide.

All posts are published in UK time.

Get in touch with us - your comments, advice and even complaints. Find out how to contact the team.

See the full list of FT blogs.

BB shortcuts

Regulars Series Archive
Chart of the week
Behind the numbers

Fund flows
Tracking money in and out of EM bonds
12 for 2012
Guest posts on key trends for the year ahead

Brics at 10
A decade of growth
The Diaspora Digest
EM diasporas, seen through their community media (Oct-Nov 2011)
Sick brics (Sep 2011)
Brics and mortar (Aug 2011)
Beyondbrics on the beach (Jul-Aug 2011)
China bubble? (June 2011)
Post-election Nigeria (June 2011)
Hey bric spender (Aug 2010)

Emerging markets data

Archive

« Feb Apr »March 2011
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031  

What we are writing about

Apple banking bonds Brazil economy Brics CEE China economy consumer corruption currencies currency war debt energy EPFR equities eurozone crisis food & drink guest post Hugo Chávez IMF India economy inflation interest rates internet investment IPOs M&A manufacturing mining monetary policy oil & gas PMI politics Repsol retail Russian elections Russian politics tax technology telecoms trade vehicles video World Bank YPF