The “best” alternative devised at this point is called “deep geological disposal”. The first attempt at this began with a natural salt formation being discovered in New Mexico. The Waste Isolation Pilot Plant (WIPP) currently stores most of our military’s nuclear waste, 2,150 feet underground, and far from any major population, ground water or geological activity. There are strict regulations governing this project.
Most of the other storage alternatives are temporary and pose risks to the environment. The waste is simply stored in short term facilities (like fuel rods in a pool of boric acid to absorb the radiation) or in “dry” storage containers on the surface. Waste that is not as radioactive can be buried closer to the surface of the Earth, and over a relatively short span of time (hundreds of years) will lose the bulk of radiation.
For further reading on this topic, please refer to the links below.
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