Japan's Cabinet Office has estimated the cost of damage from the magnitude-7.6 earthquake that hit on New Year's Day to reach a maximum 2.6 trillion yen, or about 17.6 billion dollars.

The office announced the estimate at a Cabinet meeting on Thursday.

It calculated the figure using a method used to make estimates for damage caused by the 2011 earthquake and tsunami that devastated northeastern Japan.

Damage to buildings, including houses and factories, is estimated between 4 billion and 8.8 billion dollars, while damage to infrastructure, such as roads, ports and airports, is estimated at between 3.4 billion and 8.8 billion dollars.

The office has estimated the total damage to be somewhere between 7.5 billion and 17.6 billion dollars.

Damage in Ishikawa Prefecture is estimated to amount to 8.8 billion dollars at most and in Toyama up to 3.4 billion dollars. Damage in Niigata is likely to cost up to 6 billion dollars.

The office's monthly report also touched on the state of Japan's economy. It maintained the view that the economy is continuing to recover moderately though there are some signs of pausing.

The office said possible effects on the Japanese economy from the Noto Peninsula quake need to be closely monitored.