Northridge, California (1994) Insured losses: $15.3 billion Overall losses: $44 billion Fatalities: 60 On … Christchurch's Catholic cathedral damaged after the earthquake, in 2011. It has now been asked by the Government to update its business case, with new financial forecasts taking into account last year's outcome and this year's enrolment data. When the total cost for repairing was calculated in April 2013, the estimated cost was NZ$40 billion. "This provides certainty over a very significant part of their revenue as they recover from the quake," he said. Existing funding might also have to be reprioritised to pay to fix schools, she said. Canterbury schools suffered up to $150 million of earthquake damage, and the 10 hardest-hit schools will cost $72m to repair. Christchurch Girls' High principal Prue Taylor said the school's auditorium, music and drama rooms would be demolished, and another block with two classrooms had also been red-stickered. "We will do what it takes to rebuild our second largest city, and that commitment will be unwavering.". 1010, Auckland, NZ, 0800 843 627 "This is the largest and most complex, single economic project in New Zealand's history. Between September 2010 and the end of 2011, 4 major earthquakes and more than 11,200 aftershocks shook the residents of Christchurch and surrounding towns. Education Ministry planning, policy and standards manager Jerome Sheppard said the latest estimate of damage to schools in the region was between $100m and $150m. Overall, the Canterbury economy has been reasonably resilient to the impact of the earthquakes, and the spillover to other regions in New Zealand has been limited. If another large quake hit, the university would need to seek further support from the Government to repair damaged or impaired buildings, Carr said. "It means we are now financially exposed to any future event of any size.". The increase implies a potential 25 percent uplift in the expected impact of the rebuild on economic activity, with a ramp-up in activity in Christchurch now starting to show through in economic statistics and forecasts. "That always meant that it would be difficult to get an exact handle on the total estimated cost straight away. The coverage was the best that was available, Carr said. Hurricane Sandy struck along a path of 8 countries throughout … "This estimate includes capital costs incurred by entities, such as commercial entities, as well as the Crown," says Mr Key, indicating additional costs for insurance companies, including global reinsurers who stand behind locally issued policies. The Government had asked for further information on the university's business case for extra financial support so it was based "on a greater level of certainty about student enrolments, the buildings and other earthquake impacts". Information released to The Press under the Official Information Act shows Avonside Girls' High School, Shirley Boys' High School and Christchurch Girls' High School were the three schools with the most damage. 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. 2012 Hurricane Sandy – $75 Billion. Christchurch earthquake: 10,000 homes face demolition ... Mon 7 Mar 2011 03.22 EST. The figures were for state schools and did not include integrated or independent schools. The costs of disasters vary considerably depending on a range of factors, such as the geographical location where they occur. The Christchurch rebuild is forecast to start in earnest during the second half of 2012, continuing through to at least 2016. Six months later, on February 22, 2011, another powerful earthquake struck the same region, severely damaging Christchurch, and killing 185 people. 8 Commerce Street The scale of the rebuild is unprecedented," he says. The earthquake caused widespread damage in the region and generated hundreds of perceptible aftershocks, with four equal to or greater than magnitude 6. The revised Treasury estimate adds 33 percent to the previous official cost for earthquake rebuild of $30 billion, published in the half-year fiscal update in December. It went down in the record books as New Zealand’s most costliest natural disaster. The revised Treasury estimate adds 33 percent to the previous official cost for earthquake rebuild of $30 billion, published in the half-year fiscal update in December. The main city in the region is Christchurch, with approximately 370,000 people living there prior to the earthquake sequence. But that will not stop the government forecasting to achieving its political totem of a return to fiscal surplus in the year to June 2015 in the annual Budget, to be published on May 16. Apart from physical injuries, international literature suggests that psychosocial recovery after a disaster can take five to ten years. Shirley Boys' High principal John Laurenson said the bulk of the $2.5m spent at the school went on fixing underground infrastructure. "Geotech testing is going on this week. On June 13, 2011 the South Island of New Zealand was hit by a 6.3 magnitude earthquake that caused major damage. Restoration costs in Christchurch following the February earthquake were estimated to increase by NZ$6 billion (US$4.8 billion) because of the additional damage from this event. Several aftershocks were reported, some registering at a 5.6 magnitude. The massive – and unexpected – insurance costs exposed blind spots in current views of financial earthquake risk. Some economists have estimated it will take the New Zealand economy 50 to … The earthquake struck the city of Christchurch in New Zealand on 22 February 2011. The December 23 quakes caused about $1m damage that the university would have to pay for itself. It was the middle of a working day and many people were at school or work, having lunch or running errands. Road and bridge damage occurred and hampered rescue efforts. It was a 6.3 magnitude earthquake and the focus was very shallow at 4.99 kilometres deep. In April 2013, the rebuilding cost of Christchurch and the surrounding Canterbury region was estimated at $40 billion. Forty-six people suffered injuries, two of which critical, and one elderly man died after being knocked unconscious. Road surfaces were forced up by liquefaction, and water and sand were spewing out of cracks. The Canterbury earthquakes are not the largest earthquakes in New Zealand's history, but the February quake has lead to more costly damage than for any other natural disaster in New Zealand.. After the first Canterbury earthquake the National Crisis Management Centre in the basement of the Beehive in Wellington was activated. In the greater Canterbury region, 86 schools with little or no geotechnical problems were being repaired and were scheduled to be completed this month or next. Because the earthquake hit during the lunch hour, some people on the footpaths were buried by collapsed buildings. We will be looking to have discussions about what the long-term building plans are," she said. Absolutely, because this is exactly what happened when a 6.3 magnitude earthquake hit Christchurch, New Zealand, on 22 February 2011. Photograph: David Wethey/EPA These were the seeds of what Smith hoped would become more of a … Ph: +64 (0)9 307 1629. Insurance premiums have skyrocketed from $2.5m in 2010-11 to $6.2m this year. Canterbury schools suffered up to $150 million of earthquake damage, and the 10 hardest-hit schools will cost $72m to repair. Hume said she had not heard about the long-term future of the school on its site. The school, which spent most of last year sharing with Burnside High School, has been guaranteed use of the site only for the next two years. Achilles House Though the government supplied money for those who were fired, businesses that needed re … Carr said given the damage in the December quakes, it would have to be a large shake to exceed the excess. The epicenter of the 6.3 magnitude The cost to repair was $40 billion. The city of Canterbury and its suburbs received the brunt of the damage. The concept design for Christ Church Cathedral, which was significantly damaged in the 2011 Christchurch earthquake, has today been unveiled. Canterbury University will be "financially exposed" if it is hit by another big earthquake after its insurance excess jumped to $20m. As a comparison, the March 2011 earthquake and tsunami in Japan is estimated to have caused damage equivalent to around 3 to 4 percent of Japan’s annual GDP. Christchurch quake cost rises $10b to $40b. The region was struck by three devastating quakes in 2010 and 2011, destroying swathes of Christchurch. Recorded on February 23, 2011 using a Flip Video camera.Christchurch Earthquake (22.02.2011) - Liquefaction & Road Damage The Education Ministry would not release the cost of repairing each school, but it has said it spent $10m reopening Avonside Girls' High at its Avonside Dr site, $2.5m at Shirley Boys' High and $900,000 at Linwood College, which was sixth on the list.
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"These estimates will continue to be updated from time to time, but they do not change the government's commitment to Christchurch and Canterbury," Mr Key says. The government expects to provide $2b of the extra cost, Prime Minister John Key says. In the central city, two buses were crushed by falling buildings. The September quake had occurred in the early hours of the morning with family generally close at hand. Christchurch City was made up of approximately 145,000 dwellings at the time of the earthquake, with approximately 10,000 of those listed as unoccupied .According to the 2006 census, 7.4% of residents living in Christchurch considered themselves of Maori descent . Most Cantabrians were away from their homes when the 6.3-magnitude earthquake struck at 12.51 p.m. on 22 February 2011. This time it was often colleagues, classmates or complete strangers who comforted and hel… Soil liquefaction and surface flooding also occurred. There were 185 deaths and many injuries caused by the earthquake. The earthquake … considered an earthquake hotspot trigger one of the largest insurance losses ever? It had four portable classrooms on site and another due to arrive. The cost of the Canterbury earthquakes to EQC almost exhausted the $5.6 billion in the Natural Disaster Fund and the cost to EQC of any future major disaster is likely to be borne to a much greater extent by the government until the fund is replenished. Christchurch quake cost rises $10b to $40b. The university had put a business case to the Government asking for at least $150m to help it meet existing quake-related costs. More precise information about actual costs across a range of areas, including housing, social investment, infrastructure and commercial development, had taken time to accumulate. State of national emergency. $370 million Insurance Costs 3500 Homes Destroyed On 22 February 2011, a 6.3 magnitude earthquake struck Christchurch shortly before 12:50pm at a shallow depth of four kilometres. The rebuilding of Christchurch, New Zealand's third-largest city that suffered a major earthquake in February 2011, will cost a total of $NZ40 billion ($33.9 billion), an increase of 33 per cent from a December estimate, Prime Minister John Key said. University vice-chancellor Rod Carr said the $20m excess applied to any quake damage that happened after November. but this article is about how the city is faring 5 years in. He said that even a quake large enough to warrant a claim would still mean the university would be up for the first $20m. He said the $72m repair cost for the 10 hardest-hit schools could change as engineering issues were investigated. Seven years on, Deloitte has calculated how much the 2010 and 2011 earthquakes will cost the city council. Thousands of aftershocks followed the 22 February 2011 quake, some large enough to cause additional damage. A clearer picture of 2012 enrolments would be known in the next few weeks, Joyce said. At the time of Budget 2011, Treasury estimated the combined cost of 4 September and 22 February earthquakes to be equivalent to about 8 per cent of New Zealand's GDP. A magnitude 6.3 quake struck directly under Christchurch at 12:51 on 22 February 2011, killing 185 people and destroying or damaging around 170,000 buildings. The Christchurch rebuild just got $10 billion more expensive, of which the government expects to provide $2 billion, Prime Minister John Key has told the National Party's South Island regional conference. The university would receive $117.4m this year, up from $112.2m in 2011. A number of cars were crushed by falling debris. It was 6.3 on the Richter scale and 8 on the Mercalli scale. Level 3, Suite 306 Tertiary Education Minister Steven Joyce said the Government had guaranteed the university's government fee subsidies in 2011 and 2012, irrespective of the level of enrolments. Impacts of Christchurch Earthquake In total, the 'rehabilitation' costs $15.1 billion dollars worth of damage, Many businesses needed to fire employees due to the heavy re-building fee. Christchurch is a city in New Zealand. At least 15,899 people died, and another 2,500 went missing. At the same time, economists are warning the rebuild could take a whole generation to complete. The figure did not include possible redevelopment costs associated with changes to the schooling network as a result of shifting demographics or the general repair of unstable land, he said. Photos of earthquake damage in Christchurch NZ, caused by the 2010 & 2011 earthquakes and their after-shocks. Christchurch had experienced many earthquakes for a year long but the one that occurred on the 22 of February 2011 was the most deadliest and the most costliest. Avonside Girls' High principal Sue Hume said the school had 60 new buildings, replacing two demolished two-storey teaching blocks and two red-stickered blocks. But by April 2013, the total estimated cost had ballooned to $40 billion. Christchurch is a city in New Zealand The earthquake took place at a conservative plate margin between the Pacific plate and the Australian plate. Buildings ruined during the Christchurch Earthquake of 2011 Dave and Deb visited Christchurch just days after the earthquake, and you can read about that their experience with Aftershocks in Christchurch here . It is also facing a massive repair bill for its buildings, with early estimates suggesting $190m would be needed to bring them up to new standards. Some of the repair costs would be covered by insurance, but additional Government support could be needed, Education Minister Hekia Parata said. It has said the total cost will be more than $10 billion. The region was struck by three devastating quakes in 2010 and 2011, destroying swathes of Christchurch. The only existing buildings the school was able to use were the drama and music blocks and the gymnasium, which was strengthened before pupils and staff moved back last month. When a large disaster occurs in a wealthy country, the financial damage may be large, but when a comparable disaster occurs in a poorer country, the actual financial damage may appear to be relatively small. Despite this, the Budget will still show the government is on track to a surplus in 2014-15.". Parata was not able to say when all the quake repairs would be completed because the timing of some work was still being decided as part of the overall recovery plan. 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