An hour before applications for the Mediterranean Shipping Company's $1 million Rena fund closed today at 5pm Tauranga City Council had 58 applications.

The fund, set up by the Rena charterers, aims to help Bay of Plenty residents cover costs incurred in dealing with the shipwreck on the Astrolabe Reef on October 5, 2011.

Photos taken of the Astrolabe Reef on Wednesday show little evidence of the Rena wreck above water. Photo: Ross Brown.

By Wednesday this week, TCC had received 22 applications and at 4pm today TCC advisor Catherine Connell believed the fund will be fully subscribed.

The fund will also assist with cleaning up Bay waters and coastlines to reduce the negative effects of the grounding, including the spilling of oil and debris from the vessel.

It's also available for local iwi who suffered as a result of the pollution of the coastline and, at their own expense, fed and housed many of the clean-up and wildlife care volunteers, as well as local tourism-related businesses and affected volunteers.

The fund is shared equally between Western Bay of Plenty District Council and Tauranga City Council and is managed by a distribution committee chaired by Sir Peter Trapski, who would not comment on applications made prior to the deadline.

Committee members include Tauranga City Council Mayor Stuart Crosby, Western Bay of Plenty Mayor Ross Patterson, Bay of Plenty Regional Council chairman John Cronin and iwi representative Te Awanui Black.

MSC managing director for Australia and New Zealand Kevin Clarke says the fund is a gift and, while MSC is in no way responsible for the ship or its crew, the company wants to make a donation to the people of Tauranga.

Aggrieved business owners seeking a slice of the Rena owners and insurers' $11 million liability have until October 30 to lodge claims with the High Court at Tauranga.