The cost of the Christchurch earthquakes

A street in Bexley covered in liquefaction. Photo / Brett Phibbs

Seven years on, Deloitte has calculated how much the 2010 and 2011 earthquakes will cost the city council.

It has said the total cost will be more than $10 billion.

Of that, about $2.3 billion has been funded by other parties, so the city council has $7.7 billion to pay.

As of June, the earthquakes had cost the city council $3.6 billion.

Of that, $1.6 billion was Crown contributions, $0.9 billion was from insurance, $0.1 billion in increased rates levies, $0.2 billion from capital release and $0.6 billion from increased debt.

The city council asked Deloitte to calculate the financial cost of the quakes to the city council as part of its Long Term Plan 10-year budget.

It used the city council's long term plans, forecasts and actual financial information to assess the impact.

In terms of ongoing costs, Deloitte said a further $4 billion of earthquake-related capital investment was required over the next 30 years to return assets to the level they were prior to the quakes.

With inflation, it would total $5.7 billion.