New Zealand's Canterbury quake bill to reach 4 billion NZ dollars

20:54, September 08, 2010      

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New Zealand's Treasury on Wednesday put the cost of the Canterbury earthquake at 4 billion NZ dollars (2.8 U.S. dollars).

In its first comprehensive estimate of the financial cost of the quake, it said the figure includes costs to businesses as well as households.

The Treasury said an earlier cost estimate of 2 billion NZ dollars was based on Earthquake Commission models.

The commission covers the first 100,000 NZ dollars of damage to houses and 20,000 NZ dollars for household contents.

Treasury's revised estimate includes costs to insurance companies of covering additional damage to households.

Treasury said the 4 billion NZ dollars bill will be partly offset by a boost to the economy from reconstruction work.

It expects the quake to have cut 0.5 percent from economic production in the third quarter this year. But the boost to gross domestic product will in the long run exceed the initial loss of production.

Source: Xinhua


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