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Christchurch earthquake cost $13 billion and rising

Wednesday 12 Dec 2012 10:11 p.m.

The Christchurch quake will cost the Government $13 billion

The Christchurch quake will cost the Government $13 billion

The Christchurch earthquake is going to cost the Government more than $13 billion, Parliament has been told.

Earthquake Recovery Minister Gerry Brownlee explained the latest figures today, saying huge resources have been committed to rebuilding the city.

Fixing road and rail networks will cost about $2.5 billion, with $500 million already spent, and paying out 5212 red zone homeowners has cost more than $1 billion.

The Earthquake Commission has paid out more than $4 billion and the total will reach more than $12 billion, with $7 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 $13 billion but the total economic cost is likely to be about $30 billion."

NZN

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