World Bank estimates Venezuela earthquakes caused $19.6bn in damage

Two powerful earthquakes that struck Venezuela on June 24 have inflicted substantial physical damage across the country, according to a World Bank assessment released Thursday. The organization estimates total damage at $19.6 billion, distributed across residential buildings (47 percent), infrastructure (27 percent), and non-residential structures (26 percent).

The earthquakes, measuring magnitude 7.2 and 7.5, resulted in at least 5,000 deaths and nearly 17,000 injuries, according to government authorities. An additional 18,000 people have been displaced and remain without permanent shelter. The disaster has struck a nation already struggling with severe economic hardship, where the World Bank previously estimated that 76 percent of the population lived in poverty prior to the earthquakes.

Susana Cordeiro Guerra, World Bank vice president for Latin America and the Caribbean, emphasized that recovery will require substantial additional investment beyond current pledges. The World Bank's damage assessment, conducted using satellite imagery, seismic data, and reports from government and humanitarian organizations, identified La Guaira state and Distrito Capital as the most severely affected areas.

While countries worldwide have announced support for Venezuelan recovery efforts, the source and timing of funding remain uncertain. The United States announced over $200 million in contributions to the Red Cross for disaster and conflict relief, though these funds are not specifically designated for Venezuela.