World Bank estimates Venezuela earthquakes caused $19.6bn in damage

What the report says

Al Jazeera, citing the World Bank and Reuters, reported that two major earthquakes that hit Venezuela on June 24 caused an estimated $19.6 billion in physical damage. The World Bank assessment said homes accounted for the largest share of losses, with residential buildings representing 47 percent of the damage. Infrastructure made up 27 percent, while non-residential buildings accounted for 26 percent.

The Venezuelan government has put the human toll from the magnitude 7.2 and 7.5 quakes at at least 5,000 deaths, nearly 17,000 injuries and about 18,000 people left homeless, according to the report. Al Jazeera said the hardest-hit areas in the World Bank estimate were La Guaira state and Distrito Capital. The assessment used the bank’s Global Rapid Damage Estimation method, drawing on seismic information, remote modelling, satellite images and reports from authorities and humanitarian organizations.

World Bank regional vice president Susana Cordeiro Guerra said the disaster had damaged essential services and added to Venezuela’s recovery burden, and that better evidence was needed to guide rebuilding. The bank said the estimate is intended to help Venezuelan officials and aid partners understand the scale of reconstruction needs.

The damage assessment comes as Venezuela faces longstanding economic strain. Al Jazeera noted a prior World Bank estimate that 76 percent of Venezuelans were living in poverty before the earthquakes. Although international support has been pledged, the report said it remains uncertain how recovery will be financed. The United States announced more than $200 million for the Red Cross for disaster and conflict response, but Al Jazeera said those funds did not appear to be specifically designated for Venezuela.