Earthquake damage in Venezuela estimated at $6.7 billion

Venezuela faces a staggering $6.7 billion in direct economic damage following powerful earthquakes on June 24, the UN Development Programme (UNDP) reported.

The seismic events, which struck the country's northern coast with magnitudes of 7.2 and 7.5, have had a profound impact. The estimated economic loss equates to roughly 6% of Venezuela's Gross Domestic Product. The assessment, based on satellite data and seismic modeling, indicates that around 1.7 million structures were affected, and 8.6 million people experienced tremors above a moderate level.

While the economic figures are substantial, the UNDP emphasized that the primary consequences are the human tragedies and the devastation of communities. The earthquakes have claimed over 1,700 lives, with thousands more injured. The UN agency highlighted that 680,000 children are in need of assistance, underscoring the immense humanitarian challenge ahead.

The direct damage primarily affects residential buildings and economic facilities. The UNDP noted that its assessment does not include the loss of infrastructure, long-term economic repercussions, or the costs of reconstruction. Experts suggest the total economic effect could be 1.5 to three times greater than the direct damage, with final figures to be determined as more information becomes available.