Wellington, June 1 : The New Zealand government will enter into a funding arrangement with local councils to offer a voluntary buyout for owners of residential properties affected by natural disasters in the cyclone and flood-affected regions in the first two months of this year, Cyclone Recovery Minister Grant Robertson said on Thursday. "From the beginning of this process, the government has supported a locally-led response to the North Island weather events, as requested by councils and communities in affected regions," Xinhua news agency quoted Robertson as saying. The government will work with councils to help some property owners build flood protection and other resilience measures, if possible, he said. People in homes too risky to rebuild will be offered a voluntary buyout by councils, the costs of which will be shared between the government and councils, he added. Across all regions, there will be about 700 properties that are too risky to rebuild, which will be offered a buyout by the local government, said Associate Finance Minister Michael Wood. Severe tropical cyclone Gabrielle devastated the North Island of New Zealand in February 2023. It was the costliest tropical cyclone on record in the Southern Hemisphere, with total damages estimated to be at least NZ$13.5 billion ($8.4 billion). The country reported at least 11 fatalities. /IANS