Nuclear Waste Policy Act Amendments Act of 1987

Nuclear Waste Policy Act Amendments Act of 1987 - Amends the Nuclear Waste Policy Act of 1982 to add a new "Title IV: Program Redirection." Directs the Secretary of Energy to select by January 1, 1989, as the preferred site for the first repository, one of the sites previously selected for characterization as a candidate site. Sets forth the criteria for such site consideration.

Directs the Secretary to construct and operate a monitored retrievable storage facility at one of two specified sites in Oak Ridge, Tennessee, if an alternative monitored retrievable storage facility site has not been selected by January 1, 1989. Requires the Secretary to implement a certain monitored retrievable storage proposal and program plan submitted to the Congress in March 1987. Prescribes guidelines for site selection by the Secretary.

Directs the Secretary to conduct a feasibility study for one or more additional monitored retrievable storage facilities and report the results to the Congress by June 1, 1989.

Prescribes guidelines under which the Secretary may enter into benefits agreements with eligible States or Indian tribes on whose property a repository or monitored retrievable storage facility is sited.

Mandates that a review panel be established under such benefits agreements to: (1) advise the Secretary regarding proposed repositories or monitored retrievable storage facilities and related issues; (2) evaluate performance; (3) recommend corrective actions; and (4) participate in data planning and review. Exempts such panel from the requirements of the Federal Advisory Committee Act.

Prohibits the Secretary from conducting site-specific activities regarding a second repository while benefits agreements are in effect (unless the Congress specifically appropriates funds for such activities). Requires the Secretary to report to the President and the Congress by January 1, 2007, on the need for a second repository.

Outlines circumstances under which benefits agreements may be terminated. Authorizes appropriations for FY 1988 through 1990.