New Zealand’s Earthquake Commission (EQC) has so far received 14,660 claims following last month’s 7.8-magnitude Kaikoura quake, according to figures updated this morning.

People affected by the quake have until February 14 to lodge claims with the EQC, which provides cover up to $NZ100,000 ($95,600) for homes.

The Reserve Bank of New Zealand says the quake’s total cost could be $NZ3-$NZ8 billion ($2.8-$7.6 billion), including costs borne by the Government and insurers, based on varying estimates by different groups.

“It is a wide range and we know that aftershocks can change the situation quite dramatically,” bank Governor Graeme Wheeler said.

Treasury Secretary Gabriel Makhlouf told a parliamentary committee costs to the Government could be $NZ2-$NZ3 billion ($1.9-$2.8 billion), including capital work such as rebuilding highways.

“The earthquake on November 14 and subsequent aftershocks have definitely had an effect on the economy and the Government’s fiscal position, but there is uncertainty at this time over the magnitude and timing,” he told the Finance and Expenditure Select Committee on Wednesday.

“It’s our assessment at this stage that the earthquakes won’t have much impact on economic activity at a national level. The OECD has recently taken a similar view.”

GeoNet Director Ken Gledhill says the quake and following tsunami warning highlight the need for New Zealand to have a 24-hour geohazards monitoring centre.

“Because we do not have a 24/7 monitoring centre, we have to wake people and get them out of bed to look at complex data and make serious calls very quickly,” he wrote on the group’s website last month. “I’m going to be blatant in my campaigning for this, because I think we need a 24/7 monitoring centre to respond to these kinds of events.”

But Dr Gledhill warns GeoNet, a monitoring joint venture between the EQC and GNS Science, may still not have been fast enough for people at risk of a tsunami.

“The best advice is still: if you are at the coast and feel a long or strong earthquake, be gone,” he said.