This is from someone that is very well versed on this subject and has personally worked on this crap:
Yesterday:
Most of what you are hearing about the nuclear plants is a combination of ignorance and fear-mongering. All the plants in the affected area shut down automatically for safety reasons. Only one of them is problematic. The reactors in the rest of the country are running normally, and many of those now shut down will be back up and running as soon as there are enough intact power lines to justify running them.
The Fukushima Daiichi plant is problematic. Mechanical damage knocked out its primary cooling system and damaged the backup system. The tertiary (emergency) system is available, but will only be used in an absolute emergency because it contains borated water that would put the plant out of operation for a very long, expensive time. It is a boiling water plant with a pressurized fuel tubing system similar to the Russian RBMK reactors made infamous at Chernobyl, but even the notorious Chernobyl-4 reactor was an inherently stable and relatively safe design except during startup and shutdown, and it only blew up because the operators did unimaginably stupid things. The Fukushima reactor is already shut down and stable, but while inadequate cooling creates adverse temperature and pressure conditions that would be remarkably dangerous if the reactor were operating, the decay heat from a shut down reactor is probably inadequate to produce a Chernobyl-type explosion. The worst case scenario is that the core could be damaged from overheating, requiring a prolonged cleanup expensive in both dollars spent and in radiation exposure to workers doing the repairs.
The rumored venting of radioactive steam will reduce the pressure within the core, making possible the use of the tertiary cooling system, which operates on a gravity feed system (anticipating loss of all power) but whose flow rate could be inhibited by a steam bubble in the core (as we experienced at 3 Mile Island Unit 2). I would assume that they will wait until the wind is blowing out to sea, but the chances of the steam causing any major problems over land are not all that serious as long as the fuel tubes have not burst yet. If the fuel tubes have already burst, then they are already deep into the same situation we faced at TMI-2. That isn't good, but it is nothing compared to what happened in Idaho in 1961 or at Chernobyl in 1986, much less Nagasaki in 1945.
This is his update today:
I don't put much stock in media reports of increased radiation levels because journalists seem to get the units of measure confused. Did they take that reading in sieverts, becquerels, rads, rems, or curies? The numbers in each unit are not comparable, any more than comparing numbers of miles, gallons and tons. Also, are the numbers higher compared to normal background at the same spot, or just higher than should be expected at any random spot on earth? Are the numbers being compared to readings near an operating or shut down reactor?
Regarding the explosion at the power plant, that could mean anything from a steam explosion that ripped apart the core and coolant piping, to a turbine explosion and lube oil fire unrelated to the shut down reactor, to a reserve diesel fuel containment going up due to a downed power line and static electricity. Even if the reactor blew Chernobyl-style, this plant has a pretty comprehensive containment system to keep all the mess in one spot.
The only thing that concerns me about those reports is that they've detected cesium downwind. That indicates that the fuel cladding has been compromised and uranium oxide fuel has mixed with the coolant water, evaporated to steam, and in some small quantity been released beyond the containment facility. How much has been released is impossible to know right now from media reports, but any release is not good at this point, and indicates that they've already got at least a partial meltdown underway. As long as they aren't dumb enough to let the byproduct hydrogen build up, and as long as they stop venting radionuclides to the atmosphere, a meltdown still just means a protracted and expensive cleanup with long-term loss of power generation (TMI-2 experienced the same thing in PA in 1979 and has never been put back in service). If they screw around with the hydrogen, though, and if they don't find a way to stop letting cesium out, this could get ugly. By now they should be well past the point of unforeseen cascading casualties, and out to have time to get a plan into place instead of just reacting to the moment without thought of the eventualities.