. DISASTERS: EARTHQUAKES : COUNTRIES: NEW ZEALAND: New Zealand Quake Damage Could Cost $1.4 Billion New Zealand Quake Damage Could Cost $1.4 Billion By LUCY CRAYMER Sunday, September 5, 2010 As of 9:43 AM EDT The Wall Street Journal<http://online.wsj.com/article/ SB10001424052748703417104575473240881449542.html>
A shorter URL for the above link: <http://tinyurl.com/2flolnc>WELLINGTONNew Zealand could spend at least $1.4 billion on repairs following Saturday's 7.1-magnitude earthquake, which damaged more than 500 buildings and houses in the city of Christchurch and set off aftershocks that continued to shake the region.
No fatalities and only two serious injuries were reported, but efforts to assess damage were further hindered Sunday by gale-force winds. Christchurch's central business district is expected to be closed off for another 24 hours while the safety of buildings is assessed. Schools in the region are to be closed until Wednesday.
The earthquake struck 19 miles west of Christchurch, New Zealand's second-largest city after Auckland, early Saturday morning. Power has been restored to about 95% of the city, although there ongoing power issues in rural areas and restoration may taken longer as repairs are being complicated by the high winds. Damage to gas lines has yet to be assessed, and phone lines continue to be hampered by power outages, while clean drinking water continued to be limited.
Further evacuations are possible, and the New Zealand army remained on standby Sunday night.
John Carter, New Zealand's minister of civil defense, said the quake was a "significant natural disaster" and said New Zealand's Cabinet would be meeting Monday to discuss a government relief package.
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