I am really not sure what to make of the meltdown in Japan yet. As best as I can tell it lies somewhere between Chernobyl and Three Mile Island. It does seem that quite a bit of radiation is being released, but if I had to guess I would say that in a few weeks people will be moving back in and everything will go back to normal.
It is really hard to find information that is neither alarmist, nor clearly propaganda on one side or the other. Surprisingly XKCD has one of the best charts I have seen to put everything into perspective. We really won't know for sure if this is relatively minor or severe until the radiation release drops to near zero though.
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