Quake Damage Could Hit $2 Billion in New Zealand

A 7.0 magnitude earthquake has rattled New Zealand's South Island, causing widespread damage which could reach $2 billion, officials say.

"The cost will be easily into the hundreds of millions of dollars just for (the commission), for the residential property... It could reach between one and two billion dollars," Earthquake Commission chief executive, Ian Simpson, said on Saturday.

According to the US Geological Survey, the epicenter of the earthquake was 45 kilometers west of New Zealand's second largest city of Christchurch, AFP reports.'

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