Canterbury Earthquakes Make Global Impact

M 7.1 Earthquake and Associated Aftershocks

New Zealand Natural Disaster

Christchurch, New Zealand - The Canterbury earthquakes of 2010 and 2011 had a major economic and fiscal impact on the region itself and on New Zealand as a whole. The earthquakes rank as one of the most expensive disasters in the world, with estimated damages exceeding NZ$44.8 billion.

The earthquakes caused widespread damage to infrastructure, buildings, and businesses. The central business district of Christchurch was particularly hard-hit, with many buildings being destroyed or damaged beyond repair. The earthquakes also caused significant damage to transportation networks, water and sewage systems, and other essential services.

The economic impact of the earthquakes was felt throughout New Zealand. The Treasury estimates that nationwide GDP will be around 15% lower in 2011 than it would have been otherwise. The earthquakes also led to a sharp increase in government spending on reconstruction and recovery efforts.

The Canterbury earthquakes were a major challenge for New Zealand. The region is still recovering from the damage caused by the earthquakes, but it is making progress. The earthquakes have also led to a number of changes in New Zealand's building codes and emergency management procedures.