The $US140 billion asbestos compensation fund being considered by the US Senate would be swamped by more than double that amount in claims and go broke within three years, according to a recent study.

The research for the American Legislative Exchange Council says the proposed fund is more likely to face claims of between $US301 billion and $US561 billion as people with lung and other cancers – who historically had not been compensated by asbestos lawsuits – file for the new entitlements.

Asbestos fibres, previously used in building materials, car parts and other products for decades, have been linked to cancer and other diseases. Hundreds of thousands of injury claims have subsequently pushed many companies into bankruptcy.

The estimate by the conservative council is much higher than estimates last month of  $US120-150 billion by the non-partisan Congressional Budget Office.