Stop watching CNN and other US news crap. Sensational journalism at its best.
The spent fuel rods aren't being improperly stored, the design is that they're stored above the reactor in a pool. The pool keeps them nice and cool for a few years until they're ready to be moved elsewhere. Almost all nuclear places do this. The reactors are mostly fine in this case. They were designed to withstand a 7.0 earthquake and did fine in a 8.9. The tsunami did the most damage, knocking out the backup generators that power the cooling systems.
The current issue is basically the cooling doesn't work and the water in the spent fuel rod pool in reactor #4 isn't able to cool the rods very well (Few of the rods in the pool were just recently put in December so they're generating a lot of heat still). If they can't keep the rods cool, it'll start boiling off water and eventually become exposed.. which would be really bad. If it really catches on fire, water isn't going to put it out and it doesn't even need a lot of oxygen to burn. All the nasty stuff in the rods would burn off into the atmosphere, but it's very heavy so not going too far.
The spent fuel rods aren't being improperly stored, the design is that they're stored above the reactor in a pool. The pool keeps them nice and cool for a few years until they're ready to be moved elsewhere. Almost all nuclear places do this. The reactors are mostly fine in this case. They were designed to withstand a 7.0 earthquake and did fine in a 8.9. The tsunami did the most damage, knocking out the backup generators that power the cooling systems.
The current issue is basically the cooling doesn't work and the water in the spent fuel rod pool in reactor #4 isn't able to cool the rods very well (Few of the rods in the pool were just recently put in December so they're generating a lot of heat still). If they can't keep the rods cool, it'll start boiling off water and eventually become exposed.. which would be really bad. If it really catches on fire, water isn't going to put it out and it doesn't even need a lot of oxygen to burn. All the nasty stuff in the rods would burn off into the atmosphere, but it's very heavy so not going too far.