The two earthquakes that hit the New Zealand city of Christchurch are likely to result in an economic cost of about NZ$20 billion ($15 billion), Prime Minister John Key said on Monday.The first earthquake, which struck on Sept. 4 and resulted in no fatalaties, is likely to have a final cost at about NZ$5 billion while the Feb. 22 quake is likely to be as much as three times the cost."At this stage the likely combined cost of the two earthquakes is in the order of NZ$20 billion," Key told a media briefing. Read Morehttp://www.reuters.com/article/2011/02/28/newzealand-quake-idUSWLF00505620110228
New Zealand rescuers say they are continuing to search for survivors in the aftermath of Tuesday's powerful earthquake in Christchurch.Superintendent Dave Cliff said it remained a rescue operation, and that specialists were working at a number of sites where there were signs of life.At least 76 people have been killed, but 238 others are missing - up to 120 of them under one collapsed building.Prime Minister John Key has said people should prepare for more bad news.Officials say there might be fatalities from a number of countries.'Unsurvivable'The earthquake struck at a shallow depth of 5km (3.1 miles) early in the afternoon on Tuesday, when the South Island city was at its busiest.It was Christchurch's second major tremor in five months, and New Zealand's deadliest natural disaster for 80 years.Hundreds of foreign specialist rescuers arrived in the city on Thursday to help local police and soldiers searching through the dangerously unstable ruins for any survivors.The BBC's Phil Mercer in Christchurch says there is an unshakeable determination among everyone there to keep looking.But it is a meticulous and painstakingly slow operation, as rescue workers use sniffer dogs, sound detectors, thermal imaging equipment and cameras to detect any signs of lif., Read Morehttp://www.bbc.co.uk/news/world-asia-pacific-12563177
Police have abandoned all hope of finding survivors at the collapsed Canterbury TV building in central Christchurch.Inspector Dave Lawry said he was "100 per cent" certain those trapped in the building, including a non-sworn police staff member and a group of overseas students, were dead.All emergency personnel have been moved away from the building because of danger the unstable Grand Chancellor Hotel would collapse onto it, he said.He felt particularly sorry for the family of what is believed to be a group of Japanese students who died inside."At a certain point I'm not going to risk my staff for people where I believe there is no chance of survivability."Fires burned in the CTV building overnight and no signs of life have been detected there by cameras or listening devices.Christchurch area commander Dave Cliff said the loss of a staff member in the building was painful.It meant police could relate to the loss and desperation being suffered by family with loved ones still trapped, he said.Nancy Wu, whose husband Paul Wu is among the missing in the CTV building, said news that search and rescue workers were putting efforts at the site on hold was "devastating"."But hopefully they will return and not give up because people can still be alive for many hours. We are not giving up hope."Read Morehttp://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10708252
