The New Zealand Government has recorded costs of $NZ9.087 billion ($7.07 billion) from the Canterbury earthquakes in its financial statements for the year to June 30.

The Government estimates expenses from the Earthquake Commission of $NZ11.66 billion ($9.07 billion) – $NZ653 million ($508 million) from the red zone package, where it is buying land and homes, $NZ335 million ($261 million) from the AMI Insurance rescue, plus other expenses such as welfare payments that will add up to $NZ13.6 billion ($10.5 billion).

From that it subtracts reinsurance of $NZ4.185 billion ($3.257 billion) and other earthquake-related revenue of $329 million ($256 million) to arrive at the total.

Treasury says the figures announced on Friday are only an estimate, with costs such as infrastructure repairs still to come.

It has estimated these might cost between $NZ348 million ($271 million) and $NZ610 million ($474 million). There will also be costs from changed policies in response to the quakes as well as lost tax and other revenues.