The cost to the Government of the Cook Strait earthquakes is expected to hit as high as $100 million, Treasury says.
The figure is included in the Crown accounts for the year to June, which also show the cost of the Christchurch rebuild is so far $1.2 billion lower than expected at $9.3b.
Finance Minister Bill English said the reasons for the rebuild coming in under budget so far included "a couple of items which have turned out to be just a bit less expensive than we expected".
That included a cost sharing agreement with Christchurch City Council covering various items including the Crown contribution to water infrastructure and local roading, which had reduced the cost to the Crown.
The Government had also done better out of land purchases in the CBD and red zone than expected.
"Those are genuinely lower costs. In those areas we don't expect the numbers to come back and bite us next year but there is still other very large exposures such as the Southern Response liability, and EQC liabilities."
They could push costs up again.
- © Fairfax NZ News
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