Found this helpful link on Twitter (with an update here). It’s a long read, and includes an explanation of how nuclear power plants work and fail, but you might want to focus on the last part (bold passages mine):
Now, where does that leave us?
- The plant is safe now and will stay safe.
- Japan is looking at an INES Level 4 Accident: Nuclear accident with local consequences. That is bad for the company that owns the plant, but not for anyone else.
- Some radiation was released when the pressure vessel was vented. All radioactive isotopes from the activated steam have gone (decayed). A very small amount of Cesium was released, as well as Iodine. If you were sitting on top of the plants’ chimney when they were venting, you should probably give up smoking to return to your former life expectancy. The Cesium and Iodine isotopes were carried out to the sea and will never be seen again.
- There was some limited damage to the first containment. That means that some amounts of radioactive Cesium and Iodine will also be released into the cooling water, but no Uranium or other nasty stuff (the Uranium oxide does not “dissolve” in the water). There are facilities for treating the cooling water inside the third containment. The radioactive Cesium and Iodine will be removed there and eventually stored as radioactive waste in terminal storage.
- The seawater used as cooling water will be activated to some degree. Because the control rods are fully inserted, the Uranium chain reaction is not happening. That means the “main” nuclear reaction is not happening, thus not contributing to the activation. The intermediate radioactive materials (Cesium and Iodine) are also almost gone at this stage, because the Uranium decay was stopped a long time ago. This further reduces the activation. The bottom line is that there will be some low level of activation of the seawater, which will also be removed by the treatment facilities.
- The seawater will then be replaced over time with the “normal” cooling water
- The reactor core will then be dismantled and transported to a processing facility, just like during a regular fuel change.
- Fuel rods and the entire plant will be checked for potential damage. This will take about 4-5 years.
- The safety systems on all Japanese plants will be upgraded to withstand a 9.0 earthquake and tsunami (or worse)
- I believe the most significant problem will be a prolonged power shortage. About half of Japan’s nuclear reactors will probably have to be inspected, reducing the nation’s power generating capacity by 15%. This will probably be covered by running gas power plants that are usually only used for peak loads to cover some of the base load as well. That will increase your electricity bill, as well as lead to potential power shortages during peak demand, in Japan.
If you want to stay informed, please forget the usual media outlets and consult the following websites:
*
My brother and I (and several other people) have been receiving text messages about the Fukushima incident causing acid rain and radiation sickness in the Philippines.
Dear source of the stupid texts: Maybe you’re just scared, or stupid, but please please WILL YOU PLEASE JUST FUCKING STOP. Panic will get us nowhere. We need credible information.
Eliza Victoria 
Thank you for this!
Sure! :)