World Bank estimates Venezuela's earthquake losses at $19.6 Billion

The World Bank Group has estimated that the powerful earthquakes that struck Venezuela on June 24 caused around $19.6 billion in direct physical losses. The estimate comes from a rapid damage assessment carried out in the aftermath of the disaster.

According to the report, the housing sector was the hardest hit, with damage to residential properties accounting for nearly half (47%) of the total losses. Infrastructure, including roads and public facilities, represented 27% of the damage, while commercial and other non-residential buildings made up the remaining 26%.

The two earthquakes, measuring 7.2 and 7.5 in magnitude, caused widespread destruction across the country. The greatest impact was recorded in La Guaira and the Distrito Capital, where the combined losses represented almost half of the overall economic damage.

Susana Cordeiro Guerra, the World Bank's Vice President for Latin America and the Caribbean, said that accurate and evidence-based assessments are essential for designing an effective recovery strategy. She noted that the findings provide the Venezuelan authorities with a reliable framework to guide reconstruction efforts and prioritize investment.

Furthermore, the report warns that rebuilding at the current pace of investment would not be enough to complete the country's recovery within the next decade. To help address these challenges, the World Bank Group has partnered with other international development organizations to expand technical assistance and mobilize additional financial support for Venezuela's long-term reconstruction.