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EQC allocates GeoNet funding

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New Zealand’s Earthquake Commission will provide continued funding of $NZ12 million ($10.9 million) to hazard monitoring service GeoNet this financial year.

GeoNet, which started in 2001, is run by government-owned GNS Science and has a network of more than 600 sensors around New Zealand that gather data made freely available online.

The information and related research helps shore up reinsurer confidence and has prompted further analysis by international scientists.

“GeoNet has become a critical national facility and underpins New Zealand’s ability to detect and interpret geological hazard risk and reduce the impact on people and property,” the Earthquake Commission’s research head Hugh Cowan said.