Cyclone in New Zealand is expected to cost 8 billion dollars

New Zealand devastated by Cyclone Gabriel. In this terrible natural disaster, the country may lose more than 8 billion dollars. The news agency Reuters reported this information citing the country's authorities.

New Zealand authorities warned on Monday (February 20) that the final damage from the devastating Cyclone Gabriel could exceed $8 billion, reports said. At the same time, they announced an emergency fund to help the victims and rebuild the area.

Cyclone Gabriel hit northern New Zealand on 12 February. Floods and landslides occur in the country due to heavy rains including cyclones. Millions of people lost power. A state of emergency was declared for the third time in New Zealand's history.

Prime Minister Chris Hipkins called Gabriel the worst natural disaster of the century. Meanwhile, Hopkins announced a fund of 18.7 million 50 thousand for the victims of the cyclone.

"We must make the necessary investments to reconnect our communities," he said at a press conference on Monday. A lot of infrastructure needs to be changed. It requires tough decisions.'

Earlier on Monday morning, New Zealand Finance Minister Grant Robertson said, '842 million dollars was spent on rebuilding Christchurch, which was damaged by the 2011 earthquake. Reconstruction of the affected area after this natural disaster may incur similar costs.'

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