The December 23 quakes caused about $1m damage that the university would have to pay for itself. It has said the total cost will be more than $10 billion. Apart from physical injuries, international literature suggests that psychosocial recovery after a disaster can take five to ten years. 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. Despite this, the Budget will still show the government is on track to a surplus in 2014-15.". The coverage was the best that was available, Carr said. 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. $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. Forty-six people suffered injuries, two of which critical, and one elderly man died after being knocked unconscious. 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. 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 . It went down in the record books as New Zealand’s most costliest natural disaster. Because the earthquake hit during the lunch hour, some people on the footpaths were buried by collapsed buildings. 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. Hume said she had not heard about the long-term future of the school on its site. Several aftershocks were reported, some registering at a 5.6 magnitude. "That always meant that it would be difficult to get an exact handle on the total estimated cost straight away. Ph: +64 (0)9 307 1629. Insurance premiums have skyrocketed from $2.5m in 2010-11 to $6.2m this year. The earthquake caused widespread damage in the region and generated hundreds of perceptible aftershocks, with four equal to or greater than magnitude 6. Christchurch's Catholic cathedral damaged after the earthquake, in 2011. Christchurch quake cost rises $10b to $40b. 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. University vice-chancellor Rod Carr said the $20m excess applied to any quake damage that happened after November. Road and bridge damage occurred and hampered rescue efforts. The earthquake … Hurricane Sandy struck along a path of 8 countries throughout … 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. "This provides certainty over a very significant part of their revenue as they recover from the quake," he said. Christchurch is a city in New Zealand. 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. State of national emergency. 8 Commerce Street Most Cantabrians were away from their homes when the 6.3-magnitude earthquake struck at 12.51 p.m. on 22 February 2011. But by April 2013, the total estimated cost had ballooned to $40 billion. 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. considered an earthquake hotspot trigger one of the largest insurance losses ever? 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 . The scale of the rebuild is unprecedented," he says. Photograph: David Wethey/EPA These were the seeds of what Smith hoped would become more of a … The region was struck by three devastating quakes in 2010 and 2011, destroying swathes of Christchurch. We will be looking to have discussions about what the long-term building plans are," she said. Thousands of aftershocks followed the 22 February 2011 quake, some large enough to cause additional damage. Absolutely, because this is exactly what happened when a 6.3 magnitude earthquake hit Christchurch, New Zealand, on 22 February 2011. 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. Seven years on, Deloitte has calculated how much the 2010 and 2011 earthquakes will cost the city council. 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. Level 3, Suite 306 A number of cars were crushed by falling debris. 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. In April 2013, the rebuilding cost of Christchurch and the surrounding Canterbury region was estimated at $40 billion. He said that even a quake large enough to warrant a claim would still mean the university would be up for the first $20m. Road surfaces were forced up by liquefaction, and water and sand were spewing out of cracks. 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. "Geotech testing is going on this week. It was the middle of a working day and many people were at school or work, having lunch or running errands. 2012 Hurricane Sandy – $75 Billion. 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. On June 13, 2011 the South Island of New Zealand was hit by a 6.3 magnitude earthquake that caused major damage. "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. 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. Canterbury University will be "financially exposed" if it is hit by another big earthquake after its insurance excess jumped to $20m. 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