Costs of New Zealand disaster

March 1, 2011 at 2:37AM

The earthquake near Christchurch has become New Zealand's most expensive natural disaster, with losses estimated at $15 billion, according to the government.

• In Christchurch's downtown alone, 6,000 businesses have been destroyed or remain cordoned off. They include the city's best hotels, such as the 26-story Hotel Grand Chancellor, now tilting on its foundations and slated for demolition.

• Engineers and planners said the city's center may be unusable for months and at least a third of the buildings must be razed and rebuilt.

• Prime Minister John Key on Monday announced the first financial measures to get Christchurch back on its feet -- subsidies for employers worth $90 million to help pay salaries for about 50,000 people unable to go to work because of damage. Even so, layoffs continued, with more than 200 let go by the Foodstuffs grocery chain.

ASSOCIATED PRESS

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