New Zealand Quake Damages May Cost as Much as NZ$20 Billion

Repairs to the southern New Zealand city of Christchurch after two earthquakes within the past six months may cost as much as NZ$20 billion ($15.1 billion), Prime Minister John Key said.

Last week’s temblor could cost as much as NZ$15 billion -- the higher end of a preliminary range provided by the Treasury Department -- while a quake that struck the city on Sept. 4 will cost an estimated NZ$5 billion, Key said.