In today's budget, Finance Minister Bill English confirmed the Government faced $8.8b in direct costs from the September 4 and February 22 quakes that hit Canterbury, the latter claiming 181 lives.
Of the total, $3.3b would be Earthquake Commission and ACC costs.
The $5.5b remainder would come out of a new Canterbury Earthquake Recovery Fund to pay for roads and water infrastructure, repairing schools and hospitals, welfare and other support for quake victims and businesses plus the Government's financial support package for AMI Insurance.
So far $3.2b of that money is yet to be allocated but would be used in those areas as well as go towards such things as temporary housing and land remediation.
"Rebuilding (Christchurch) and its surrounds will be a long and complex task," Earthquake Recovery Minister Gerry Brownlee said.
"But the Government is committed to providing the necessary resources to make this happen over the coming weeks, months and years."
The fund would be paid for with $740 million in funding taken from other areas leaving $4.8b. That money would come from the new bonds, and the remainder from other Government bonds.
"Since the financial costs associated with the earthquakes are one-off and largely fall in the short-term, it is appropriate to let these flow through to debt," the budget document said.
The new bond would allow New Zealand residents help Christchurch by investing in a new four-year maturity bond.
As of April 30 the Government had spent about $1.2b on the quakes; around $850m went to residential claims paid by EQC and $220m on wage subsidy and job loss cover.
Also in the budget was $25.5m for the new Canterbury Earthquake Recovery Authority (Cera) for initial costs. The department was set up in March.
Cera also got $500,000 in reprioritised funding from the economic development budget to reflect the transfer of functions from the Ministry of Economic Development to it, Mr Brownlee said.
Social Development Minister Paula Bennett announced an extra $10m to support quake-hit Cantabrians.
"This funding will go to local agencies to support Canterbury families as they deal with the impact of the earthquake and move forward," she said.
The money would assist counselling services, non-government organisations' case management, co-ordinate services for families and support additional community-based services for those affected by the earthquakes.
"We're effectively extending the Government support provided to community-based social services after last year's earthquake," Ms Bennett said.
The $10m would come from funding set aside for the community response contingency.
