Earthquake-related expenses in New Zealand exceed US$17 billion.
Since September of last year, the region has suffered more than 7,5 tremors and aftershocks. The strongest of these, on February 22nd, damaged 30 homes.
247 with international agencies - The cost of reconstruction after the 2010 and 2011 earthquakes in the city of Christchurch, New Zealand, will exceed 20 billion New Zealand dollars, equivalent to US$17 billion. The initial government funding of 4 billion will be adjusted to 7,1 billion New Zealand dollars. The remainder will be financed by private initiative.
The initial estimate of expenses was 15 billion local dollars. Finance Minister Bill English explained that the increase in spending is due to an underestimation of the damage caused by the 6,3 magnitude earthquake in Christchurch on February 22nd. At the time, 181 people died. The number of homes destroyed – previously announced at 12 – has been revised to 30.
Since September of last year, the region has experienced more than 7,5 tremors and aftershocks, most of them of low intensity.