Nuclear Energy Reappraisal Act of 1981

Nuclear Energy Reappraisal Act of 1981 - Directs the Nuclear Regulatory Commission to cease the granting of licenses or construction authorizations for nuclear fission powerplants pending the outcome of a comprehensive study by the Office of Technology Assessment. Continues such termination until Congress determines that safety and environmental hazards have been adequately studied and that nuclear fission plants are acceptable in comparison to other energy sources.

Authorizes a resumption of licensing under limited conditions which shall be specified by Congress.

Requires a five-year independent study of the nuclear fuel cycle by the Office of Technology Assessment. Empowers the Office to compel delivery of any information necessary for conducting such study.

Directs all government agencies to cooperate fully with the Office. Requires the preparation of a final report with recommendations at the end of five years and annual progress reports.

Requires the following specific issues to be considered in the final report: (1) safety and environmental hazards, including an analysis of reported malfunctions; (2) genetic effects of low level radiation; (3) economic implications of a long- term nature; (4) storage of high level radioactive wastes; (5) proliferation dangers; (6) economical and technical capabilities of utilities; and (7) licensing procedures of past regulatory agencies.

Requires that existing nuclear fission powerplants operate at less than licensed core power level and be derated annually should Congress fail to determine that the licensing of fission plants may continue after conclusion of the study.

Requires the Federal Government, to the maximum extent possible, to expand funds for employment creation programs in areas where unemployment has been caused by the implementation of this Act.

Authorizes appropriations for each of the five fiscal years following the enactment of this Act.