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Comprehensive insurance will ensure that the company which operates the Channel Tunnel suffers only minimal losses from last month's devastating fire, its executive chairman said.

Jacques Gounon said Groupe Eurotunnel's insurance would cover all but a €10m excess of the lost revenues and rebuilding costs following the September 11 fire, which gutted trucks on a shuttle and damaged a kilometre of the undersea tunnel.

The company hoped to have the twin 50km rail tunnels fully operational by next March, six months after the fire, Mr Gounon added.

However, Mr Gounon accepted that work to repair the damaged area, 11km from the French end of the north running tunnel - would be a challenge.

Materials and workers will all need to reach the site via the French portal of the north tunnel. They will be barred from using the service tunnel between the tracks that is used for evacuations to ensure passenger safety.

Mr Gounon estimated the repair work might cost about €120m based on the €90m in damage caused by a previous serious fire in 1996