A powerful earthquake in New Zealand has killed at least two people and destroyed infrastructure and property. The premier indicated that the damage was likely to amount to billions of dollars.

New Zealand Prime Minister John Key on Monday indicated that damage caused by a 7.8 magnitude that struck the South Pacific nation on Sunday could cost the country around 2 billion New Zealand dollars ($1.43 billion, 1.33 billion euros), local news reported.

“It’s hard to believe that the bill is going to be less than a couple of billion,” Key told Radio New Zealand.

The devastating cost of the New Zealand earthquakes that rocked the country could cost “billions”, according to the Prime Minister John Key.

After surveying some of the damage from the 7.8-magnitude earthquake and the subsequent tremors that hit, Key has indicated that it will cost them “a couple of billion dollars”, according to Radio New Zealand on Monday.

“It’s hard to believe that the bill is going to be less than a couple of billion,” he told Radio New Zealand, according to their Twitter account.

New Zealand was also hit by another strong earthquake with a magnitude of 6.2 as well as a hundreds of aftershocks.

Emergency response teams were already flying by helicopter to the region at the epicentre of the original 7.8 magnitude quake, which struck just after midnight some 91 km (57 miles) northeast of Christchurch in the South Island, amid reports of injuries and collapsed buildings.