The Costa Concordia tragedy could cost the Italian cruise company’s parent Carnival Corporation at least $95 million (approx. £62 million).
Carnival said that there are other costs to the business that it can’t determine at this time, which will add up on top of existing costs of the damage incurred.
The ship, which cost £372 million when she was built six years ago, will probably be out of service until at least the end of the year.
“A damage assessment review of the vessel is currently being undertaken to determine how long it will be out of service,” a statement said.
Carnival said it had insurance coverage for damage to the ship with a deductible of “approximately $30 million as well as insurance for third party personal injury liability subject to an additional deductible of approximately $10 million for this incident.”
Chairman Micky Arison said: "At this time, our priority is the safety of our passengers and crew.
"We are deeply saddened by this tragic event and our hearts go out to everyone affected by the grounding of the Costa Concordia and especially to the families and loved ones of those who lost their lives. They will remain in our thoughts and prayers.”
Over a dozen people are still missing. Costa Concordia sank off the coast of Tuscany on the evening of Friday 13th January.