The owner of the Japan's tsunami-damaged nuclear power plant announced Wednesday it will pay an estimated $1 billion in compensation to nearby residents.
    
Thousands of people who lived around the Fukishima Dai-ichi plant were forced to evacuate their homes after the March 11 earthquake and subsequent tsunami.
    
Tokyo Electric Power Company will distribute the money to the roughly 150,000 residents, who don't know yet when they'll be allowed to return to their homes.

Wednesday's estimate is in addition to 50 billion yen paid in preliminary compensation to 50,000 households in late May, the Associated Press reported.
   
Last week, Japan's cabinet approved a bill to help TEPCO meet the massive compensatory costs.