NZ quake to cost £466m

New Zealand’s Earthquake Commission said it expected at least 100,000 claims from Christchurch’s 7.1-magnitude earthquake on Saturday totalling NZ$1bn (£466m), the Times reports.

John Key, the prime minister, pledged NZ$5m toward a rebuilding fund but warned helping out those without insurance was “a moral hazard”.

At least 500 buildings were designated as destroyed. Power was back to 90% of the city and water supply was working for all but 15% to 20% of residents.