Contractors - many of them migrant workers - are expected to be the worst-hit financially by the SkyCity convention centre blaze.
The International Convention Centre in the Auckland CBD caught on fire on Tuesday, and is yet to be doused. The $700 million complex been under construction for nearly four years, and was expected to be completed in 2020.
Though it might mean years' more work for some, E tu union organiser Joe Gallagher says tradies will be sad to see their work "go up in smoke in such a brutal fashion".
"The construction industry has one of the highest rates of suicide in New Zealand," he told The AM Show on Thursday.
"Fletcher should be a good corporate citizen and take the lead on this, and find a way to be able to support these guys."
While work on rebuilding the centre will no doubt one day resume, in the meantime hundreds of contractors are in limbo.
"The nature of the industry is a lot of these guys are contracted - there's 985 contractors on site, only 185 of these guys are directly employed by Fletcher," said Gallagher.
"A lot of them will be labour hire, there's large numbers of migrant workers on site. A lot of the companies they work for are really small contractors - what ability have they got to withstand the pain of this fire, and how long it's going to take to get it all sorted out... It's still burning, and all of their equipment and gear is still locked down on-site."
Some might see their livelihoods washed away - literally - with their vehicles parked beneath the carpark below SkyCity.
"If you're a tradesman, you carry most of your life in your van or your car. There's 12 million litres of water in the basement, and probably a lot of water damage to their vehicles and their equipment because the water's all gone downhill. If it's on the floors, then their gear's going to be damaged. A lot of it's electrical."
Others are renting short-term accommodation, Gallagher said.
"If they can't get their gear and they can't pay their bills, it's tough times for them. We need to support them because the mental pressure on these guys is enormous."
Little concern for Fletcher Building
Fletcher itself will be fine, says economist Shamubeel Eaqub, with other significant parts of the conglomerate unaffected by what's going on in Auckland.
"This is not going to help, but insurance payouts hopefully will mitigate a lot of the impact. I suspect the bigger concern's going to be for the contractors and people who are working on site, who may not have the same protections in terms of business continuity, insurance and those kinds of things."
Gallagher says unions don't have a large presence in the construction industry. He'd like to change that.
"In New Zealand we have a growing sector of people that are unrepresented, who always end up at the bottom of the heap."
SkyCity's prospects
At 1pm on Tuesday, right before the fire started, shares in Fletcher Building were at $4.74. By that evening they'd fallen about 5 percent, but have since recovered to $4.71. SkyCity shares fell by slightly more, and haven't recovered quite as well.
"We saw in the share market investors are quite worried and share prices have come down quite a lot," said Eaqub. "As long as there is certainty that the insurance payments are going to protect most of the downside, Fletcher building is in a relatively good position to weather the storm."
- A timeline of the controversial SkyCity convention centre
- SkyCity convention centre fire: Photos and videos
SkyCity will also be fine, he says - as long as the insurance payouts cover the cost. But there will be a bit less cash flowing through in the short-term.
"They'll be fine. They make a lot of money. The big problem for them is the disruption... the insurance is going to be really, really important for them in terms of the convention centre, because it's a huge capital asset."
He doubts the loss of events like APEC will be covered by insurance - but that's small-fry compared to the company's main business.
"For SkyCity, the big thing is can they stop the fire and get their other operations going right now? Because they've got huge operations in carparking, retail and the gambling, right? All that stuff happens on site, and that's all around the fire."
Fire and Emergency said on Thursday morning the blaze significantly reduced in size overnight.
"We expect to move into mop up operations later today," it said on its Twitter account.
No one has been killed in the fire, its impact almost entirely economic.
Newshub.
