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(Reuters) - Japan's cabinet approved on Friday almost $50 billion of spending for post-earthquake rebuilding, a downpayment on the country's biggest public works effort in six decades.

The emergency budget of 4 trillion yen ($48.5 billion), which is likely be followed by more reconstruction spending packages, is still dwarfed by the overall cost of damages caused by the March 11 earthquake and tsunami, estimated at $300 billion.

"With this budget, we are taking one step forward toward reconstruction ... and toward restarting the economy," Finance Minister Yoshihiko Noda told reporters after a cabinet meeting.