New Zealand is still quantifying costs related to the September earthquake and is now expected to face a much larger bill as damage from yesterday's quake is expected to be far worse than from the first one.The total value of damage from the first quake is estimated to be around NZ$5 billion, and the only quantified cost to the government so far has been NZ$1.5 billion, which is the maximum cost the Earthquake Commission will incur for claims against residential property. By January, only about 20 per cent of this cost, or NZ$624 million, had been paid out as claims. Half of the NZ$5 billion was expected to be for damages to residential property, with the remaining balance split between commercial, industrial, council and government infrastructure.Both the government and insurance companies have re-insurance in place, so insurance-related costs were expected to be minimal last time. It is expected it will be the similar this time. But the amount it will cost the government to restore infrastructure and government assets from the combined effects of both the quakes could be substantial.Surprisingly, among the major four banks only Westpac had said it incurred expenses associated with the previous earthquake - NZ$3.5 million.Westpac was also the only bank to attribute an impairment provision in the September year-end figures relating to the effects on consumer and business banking portfolio from the quake. The amount in this case was NZ$10 million.In its latest monetary policy statement, the Reserve Bank of New Zealand had expected economic growth to accelerate to almost four per cent by the middle to 2012, because of gains in export volumes and as a result of earthquake repairs. It now remains to be seen whether this estimate will be postponed.  Among the damaged buildings is the Pyne Gould building in Christchurch city centre.  This was being leased by PGC, after it sold it last year for a profit of around NZ$4.1 million. Building Society Holdings was unaffected, but given the society is Christchurch-based there will be an uncertainty about whether it can continue to operate effectively. In the medium-term, the proposed Heartland bank will aim to capitalise on rebuilding efforts through its base there.