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Finance Minister Bill English announced today that the Earthquake Commission (EQC) has revised its estimated Canterbury earthquakes liability from $3.1 billion to $7.1 billion.
Re: New Zealand Earthquake Liability rises from 3 to 7 billion dollars
30,000 houses munted
Finance Minister Bill English today said the Earthquake Commission (EQC) had increased its liability by about $4b to $7.1b. The total cost to the Government is $12.9b.
The new estimates will run down the Natural Disaster Relief Fund to zero, leaving the Government to pay for any shortfall and to foot the bill on any fresh disasters.
