Damage caused by quake estimated in the billions of dollars

Damage caused by quake estimated in the billions
It is now about 28 hours after the devastating earthquake in Christchurch and rescue efforts are continuing in the city central with people still trapped in fallen buildings and rubble.

The operation managers have decided to concentrate on the people still alive and operations will later shift to removing bodies from the rubble.

Damages of the 6.3 magnitude earthquake have been estimated at a cost of 6 to 8 billion dollars.

New Zealand's Prime Minister John Key said the early indications were that yesterday's quake, which has killed at least 75 people, will cost about the same as September's 7.1 magnitude earthquake, with another 100,000 claims on top of the existing 180,000 claims from the first disaster.

Key said the difference between the two events was that the September quake had a bigger impact on residential property, whereas yesterday's disaster will hit the commercial sector and lead to a complete revamp of the central business district in the country's second largest city.

Key said it will take longer for the city's businesses to get up and running, adding the quake may impact on the Rugby World Cup later this year, with several hotels badly damaged, limiting its ability to accommodate an influx of tourists, and RWC Minister Murray McCully will look into that issue.
 
300 people are believed to be missing, but details are unclear and officials are trying to refine that list.

New Civil Defense information released today shows that 22 people are missing at Christchurch Cathedral, with more than 20 fatalities expected there alone.

Civil Defence said seven people have died in the Canterbury TV building and more than 22 are still missing there.


Story by: Vijay Narayan & Sofaia Koroitanoa