1. An image processing apparatus comprising: a local motion estimation processing section that detects a local motion vector for each block forming an image from a standard image and a reference image; a motion compensation processing section that executes motion compensation on the reference image employing the local motion vector to generate a local motion-compensated image; a global motion compensation processing section that calculates a single global motion vector for the entire standard image and the entire reference image employing the local motion vector and that executes motion compensation on the reference image employing the calculated global motion vector to generate a global motion-compensated image; and a blend processing section that calculates respective reliabilities of the local motion-compensated image and the global motion-compensated image in units of image regions and that executes a process to synthesize pixel values of the local motion-compensated image and pixel values of the global motion-compensated image in accordance with the calculated reliabilities to generate a blended motion-compensated image.