The Canterbury earthquake

The NZX 50 Index of stocks climbed in Wellington, led by building-related companies. Insurers fell. New Zealand’s dollar rose to 72.41 U.S. cents from 72.07 cents in New York on Sept. 3. The nation’s bonds declined, pushing 10-year yields to their highest in more than a month.

Here is more.  The costs of repair are estimated at about two percent of gdp.  Milk supply from New Zealand has not been disrupted.