Tauranga MP Simon Bridges is applauding the $27 million settlement reached between the crown and owner of the Rena.
The settlement between the New Zealand Government and Daina Shipping Company, owner of the MV Rena, was announced today.
"This is a situation none of us would like to be in but this is the best possible result for the Bay of Plenty," he said.
"A lot of locals have been waiting to learn about the compensation as we come up to a year since the Rena tragedy. The announcement of the package, and a strong package at that, will help a lot of the locals move on from this tragedy one year on."
He said negotiations took place across a number of months.
"It's the best possible outcome in not necessarily the best of circumstances."