It's expected to be around $11 billion, on par with the 2011 Christchurch earthquake. Read more at straitstimes.com.
this week to be in the “multi-billions”, Finance Minister Grant Robertson said in an interview with local media on Sunday.Thousands of people in the Hawke’s Bay and Gisborne regions remain without shelter, power and water.
While reiterating that it is still “very early days”, Mr Robertson said the government is expecting the cost of recovery to be on par with the 2011 Christchurch earthquake, which was around NZ$13 billion .“Clearly the level of devastation in terms of infrastructure, in terms of people’s homes and businesses is very high,” Mr Robertson added. “It’s going to be the biggest weather-related event this century, and it will have a multi-billion dollar price tag.
Cyclone Gabrielle destroyed orchards, vineyards and farm crops in some of New Zealand’s most productive areas.The death toll from the event stands at 11, with more deaths expected as the recovery continues. BLOOMBERG
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