World Bank estimates Venezuela earthquake damage at $19.6B

The World Bank Group estimated on Thursday that the June 24 earthquakes in Venezuela caused $19.6 billion in direct physical damage.

The institution conducted a rapid assessment and found that residential buildings accounted for 47% of the total destruction.

The twin earthquakes registering magnitudes of 7.2 and 7.5 struck the South American nation on June 24.

Infrastructure and non-residential buildings followed this figure with 27% and 26% of the damage, respectively.

The disaster severely impacted La Guaira state and Distrito Capital, and these two regions accounted for approximately half of the total financial loss.

Susana Cordeiro Guerra, World Bank vice president for Latin America and the Caribbean, emphasized the need for reliable evidence to start an effective recovery process.

Guerra stated that the institution gave the Venezuelan government an objective foundation for recovery planning.

The assessment report warned that relying only on current investment levels would leave reconstruction incomplete over a 10-year horizon.

The World Bank Group initiated joint operations with other development partners to provide additional technical and financial support for the country.