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Christchurch quake cost hits $10 billion

The Christchurch earthquake is going to cost the New Zealand government more than $NZ13 billion ($A10.46 billion), its parliament has been told.

 
 

Christchurch

The Christchurch earthquake is going to cost the New Zealand government more than $NZ13 billion ($A10.46 billion), its parliament has been told.

Earthquake Recovery Minister Gerry Brownlee explained the latest figures on Wednesday, saying huge resources had been committed to rebuilding the city.

Fixing road and rail networks will cost about $NZ2.5 billion – with $NZ500 million already spent – and paying out 5212 “red zone” homeowners has cost more than $NZ1 billion.

The Earthquake Commission has paid out more than $NZ4 billion and the total will reach more than $NZ12 billion, with $NZ7 billion of it coming from the government.

“The final cost is not yet known,” Mr Brownlee said.

“We know it will cost the government somewhere in excess of $NZ13 billion but the total economic cost is likely to be about $NZ30 billion.”

 
 

 
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