The earthquake that struck Christchurch almost two weeks ago could cost New Zealand eight billion euros. The figure has been announced by the country’s Finance Minister, Bill English. It is two to three times the estimated cost of the earthquake that hit Christchurch in September last year. English said that the eight billion euros would wipe 1.5 per cent off New Zealand’s GDP for the next five years.
So far, 160 people are confirmed dead after the earthquake on 22nd February. This number is expected to rise as the clean-up continues.
There are also reports of the possibility of aftershocks of a magnitude of five or more in the next couple of days.