Japan's government says the economic costs of the catastrophic March 11 earthquake and tsunami could reach $309 billion.

The damage to housing, infrastructure and businesses in northeast Japan could cost between 16 trillion yen and 25 trillion yen ($309 billion), according to the Cabinet Office.

The 9.0-magnitude quake and tsunami devastated Japan's northeastern coast, killing thousands of people and triggering a crisis at a nuclear power plant. Tens of thousands of people living near the plant were evacuated.

Utilities have imposed power rationing, many factories remain closed and key rail lines are impassable.