Earthquake 'severe' but impact likely to be limited, economists predictIain McGregor A collapsed homestead near Kaikoura. While the impact of the earthquake was severe in places, most of the damage appears to be in sparsely populated areas. Although Wellington's central business district is effectively closed on Monday, the most severe impact appears to be in sparsely populated areas. READ MORE: Live: 7.5 New Zealand quake causes casualties, tsunamis, and destruction"While the earthquake was severe, the location suggests a limited economic impact," ASB chief economist Nick Tuffley said. That will be foremost in the markets' mind, what is the extent of the damage?," Speizer said.

Source: Stuff November 13, 2016 23:22 UTC