A major M7.6 earthquake ruptured just off the western shore of Japan this morning, about 2am East Coast US time. There have been numerous aftershocks (one M6.2), and more are expected. Tsunami warnings went out across the region but apparently only a small tsunami was generated, about 1 meter (3ft) high.
Damage and impact surveys are really just getting started, as are casualty estimates. Fortunately the main rupture zone appears to be offshore and – more fortunately – the geometry was not favorable for a bit tsunami. Still, there is extensive disruption from evacuations and shutdowns, as well as people trapped in the rubble of collapsed buildings (Link to BBC live feed). A significant problem with earthquakes is post-quake fires due to ruptured gas lines and equally important ruptured water mains making fire-fighting difficult. There are reports of a major fire at Wajima in Ishikawa prefecture. Initial computer model estimates are for physical damage to be around $1 Billion, but overall impacts to be at least $2 to $4 Billion USD range due to significant disruptions from evacuations and shut down transportation systems.