Waste that we have to store for 500'000 years makes nobody smile usually. But I guess you have a solution for that.
When are the Gen IV reactors ready? 2040, 2050? By then more than half of the worlds energy is already produced with solar.
Nuclear reprocessing significantly reduces waste but apparently countries do not trust themselves and their security enough to do it. On top of that Reprocessing also allows us to get significantly more power out of the same amount of fuel compared to just throwing the fuel rods into waste storage with lots of viability still remaining.
4th Gen Neutron Reactors would also be able to use the reprocessed waste as fuel.