Chile's newly-elected President Sebastian Pinera has said it will cost at least $30 billion to rebuild the country after devastating February's earthquake, the BBC reported.

On February 27, an 8.8-magnitude earthquake occurred to the north of Concepcion. According to official reports, 497 people died as a result of the tremor.

The quake was followed by a series of aftershocks and tsunamis leaving some 2 million Chileans homeless and destroying or damaging at least 500,000 houses.

Pinera, a billionaire businessman who took office two days ago while a new 6.9-magnitude aftershock hit the Latin American country, said on Friday he would "reassign some resources from the national budget" to pay for the reconstruction.

The Chilean leader said he would also call for help from other nations and the country, which has one of the most stable economies in Latin America, could raise money on international markets on favorable terms to finance part of the reconstruction.

Russia said on Friday it would send two planes carrying doctors, supplies and equipment, including a mobile air hospital, to earthquake-stricken Chile.

MOSCOW, March 13 (RIA Novosti)