New Zealand quake bill to approach $31b: Central bank

WELLINGTON (AFP) - The total cost of the Christchurch earthquakes is set to reach about NZ$30 billion (S$31 billion), much higher than previous estimates, New Zealand's central bank chief said on Friday.

Officials have previously put the bill from the quakes that have rocked New Zealand's second city over the past 18 months, including a 6.3-magnitude tremor last February that killed 181 people, at NZ$20 billion.

But Reserve Bank of New Zealand governor Alan Bollard said that only included the cost of reconstructing buildings in the South Island centre, where much of the inner city was destroyed and remains off-limits to the public.

He said the overall bill would approach NZ$30 billion once other factors were factored in, such as insurance claims for lost business, temporary accommodation and claim-handling costs.