Finance Minister Bill English says the Government is intent on returning its books to surplus as soon as possible.
In a speech ahead of the Budget in May, Mr English put the cost of the Canterbury earthquakes in September 2010 and February to the Government at $8.5 billion over the next few years.
A total of $5.5 billion will be factored in to the Budget to help rebuild Christchurch following the quake on 22 February.
Of that, $2.5 billion is earmarked for decisions yet to be made, with the biggest cost likely to be restoring land damaged in the February quake.
A further $3 billion is for costs to the Earthquake Commission.
Mr English says finance company collapses and the potential support for AMI policyholders also come at a cost to the taxpayer this year.
However, he says it is important not to over-react and the Government will set out its plan to return the books to surplus in the Budget.
Mr English would not put a date on when he expected the Government's books to be back in surplus.
In December last year, the Treasury predicted a return to surplus in 2014-15, but Mr English said in March it would probably be pushed out a year to 2015-16.