The disease, which causes serious health issues for cows but no issues for humans, was first discovered on an Oamaru farm a year ago and is present in most other countries.
The disease causes udder infections, pneumonia and arthritis, but does not affect milk and meat for human consumption.
FILE PHOTO: Clouds gather above a cow as it grazes in a drought-effected paddock on the outskirts of the New Zealand town of Blenheim, located in the south island's Marlborough district March 12, 2013.
The government would contribute about NZ$591 million to the eradication program, while the rest would be borne by industry bodies and farmers, Ardern said.
Frank Peters struggled to contain his emotions as he talked about sending 670 cows to their deaths as the Mycoplasma bovis disease spreads.
"This is a tough time, and the pain and anguish they're going to go through is really ugly", she said of the affected farmers.
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Already, 26,000 cattle have been destroyed in the 10 months since the disease was first recorded in New Zealand. They say numerous cows will be slaughtered at processing plants and used for beef, but some cows will have to be killed and buried on the farms or dumped in approved landfills.
However, many healthy cattle will also be killed in the cull.
Should a farmer protest the slaughter, New Zealand authorities can legally force the process.
Prime Minister Jacinda Ardern said she believes it's still possible to eradicate Mycoplasma bovis. "The majority of animals that we do cull in New Zealand are all healthy", said Agriculture Minister Damien O'Connor. "So if we have an opportunity to be the country that eradicates this disease, then we'll take it".
The phased eradication, to take place over two years at a cost of NZ$886 million, represents only a fraction of New Zealand stock, with some 4.2 million cattle slaughtered annually.