Quake damage estimate raised

3:25 pm on 19 December 2012

The Treasury has raised its estimate of the damage caused by the Canterbury earthquakes by $5 billion.

The half-yearly economic and fiscal update now estimates the cost at $30 billion, up from $25 billion at the time of the Budget in May.

The new estimate includes $14 billion for repairs to houses, $13 billion for commercial and social buildings and $3 billion for infrastructure.

The Treasury estimates that all of the infrastructure and most of the residential rebuilding will have taken place by the middle of 2017.

It says only $3 billion worth of the estimated repairs required for commercial and social buildings will be completed by then.