A storage apparatus is provided for dry storage of radioactive nuclear waste. The storage apparatus comprises a sealed canister containing the radioactive nuclear waste and an outer ventilated metal storage overpack (VMSO). The VMSO has a plurality of vents to enable ambient air flow through the VMSO and around the canister to thereby dissipate heat from the canister. The VMSO has a side wall having an inner metal layer and one or more sets of alternating layers. Each set includes a neutron absorbing layer adjacent to another metal layer so that neutron absorbing and metal layers alternate throughout the side wall. The neutron absorbing layer or layers are designed to absorb neutron particles radiated from the radioactive nuclear waste and the metal layers are designed to absorb gamma particles radiated from the radioactive nuclear waste as well as radiated from the neutron absorbing layer or layers that result from reactions associated with absorption of neutron particles.