UPDATE: WORST CASE SCENARIO IS NOW THE UNCOVERED FUEL RODS' INCINERATION. PLEASE SEE POSTS.
A meltdown is not the worst case scenario. The worst case scenario occurs when the floor of the containment vessel cracks. Here are two links discussing concerns.
I've included a blurb describing the worst case scenario from the second link. We have no way of knowing right now how bad the situation really is.
There is growing evidence that fission occurred since atomic byproducts have been detected outside the plant. However, if the containment walls are intact the danger to the public is relatively minimal.
http://blogs.forbes.com/williampentland/2011/03/11/risk-of-nuclear-catastrophe-escalates-in-japan-worse-than-chernobyl/
http://www.stratfor.com/analysis/20110312-red-alert-nuclear-meltdown-quake-damaged-japanese-plant?utm_source=redalert&utm_medium=email&utm_campaign=110312%284%29&utm_content=RDtitle&elq=f28e64b6ac374964a460641756cf5b26
The second link has a discussion of the worst case scenario:
"Did the floor of the containment vessel crack? If not, the situation can still be salvaged by somehow re-containing the nuclear core. But if the floor has cracked, it is highly likely that the melting fuel will burn through the floor of the containment system and enter the ground. This has never happened before but has always been the nightmare scenario for a nuclear power event — in this scenario, containment goes from being merely dangerous, time consuming and expensive to nearly impossible.
Read more: Red Alert: Nuclear Meltdown at Quake-Damaged Japanese Plant STRATFOR
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