One of the troubles with the Christchurch earthquake is the emotion and political overreaction it caused regarding strengthening of old buildings and churches that no one uses. Spending eye watering amounts might makes sense in Wellington but itâ€™s nuts that engineers want to spend billions on filling Auckland buildings with steel and kicking out parishioners.
Wellington risk consultancy Tailrisk Economics is warning against the countryâ€™s estimated $10 billion earthquake-strengthening policy, saying it could have â€śdetrimental effectsâ€ť on the economy and communities.
The consultantâ€™s just released reportÂ Earthquake strengthening policy formulation in New Zealand 2003-2013: A study in failureÂ claims there are serious flaws in the way earthquake-prone buildings are designated.
The reportâ€™s author, Ian Harrison, says New Zealandâ€™s attempt at an earthquake-strengthening policy will cost more than $10 billion but produce benefits of less than $100 million.
â€śNo other country applies across the board national earthquake strengthening standards because it is economically illogical to do so,â€ť the reportâ€™s author Ian Harrison says.Â Read more »