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Venezuela earthquake damage reaches $6.7 billion, 6% of GDP: UN
🇲🇽 Mexico /Disasters & Emergencies

Venezuela earthquake damage reaches $6.7 billion, 6% of GDP: UN

From El Universal · () Spanish

Translated from Spanish, summarized and contextualized by DistantNews.

At a glance

News Official statement Outcome reported
  • Earthquakes in Venezuela caused an estimated $6.7 billion in physical damage, equivalent to 6% of the country's GDP, according to the UN.
  • The preliminary assessment includes losses to housing and economic assets but excludes broader economic disruption and reconstruction costs.
  • The earthquakes struck near major population and economic centers along Venezuela's northern coast, including the capital, Caracas.

The United Nations has estimated that recent earthquakes in Venezuela have inflicted physical damage totaling $6.7 billion, a figure representing a significant 6% of the South American nation's Gross Domestic Product (GDP).

This preliminary assessment, based on seismic models, satellite imagery, and population data, focuses on direct physical losses to assets such as housing and economic infrastructure. However, the UN Development Programme (UNDP) noted in a statement that the evaluation does not encompass the wider economic disruption or the long-term costs associated with reconstruction efforts.

Physical damages are estimated at $6.7 billion (in a range of $4.7 billion to $8.7 billion), due to losses in housing and economic assets.

— UNDP statementThe United Nations Development Programme quantified the direct physical damage caused by the earthquakes.

The twin seismic events impacted key population and economic hubs along Venezuela's northern coast. Areas affected include the capital, Caracas, and the states of La Guaira, Carabobo, Miranda, Yaracuy, and Aragua. The UNDP indicated that the total economic impact could range from 1.5 to three times the cost of the direct physical damages.

Reports also indicate a tragic human toll, with over 1,430 fatalities and 3,328 injuries resulting from the earthquakes. The UNDP statement specified that the $6.7 billion estimate for physical damages falls within a range of $4.7 billion to $8.7 billion.

This does not include damage to infrastructure, the broader economic disruption, or the long-term reconstruction costs.

— UNDP statementThe UNDP clarified the scope of their damage assessment, highlighting what was not included in the initial estimate.
DistantNews Editorial

Originally published by El Universal in Spanish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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