Venezuela earthquakes caused $6.7 billion in damage, UN estimates

Twin earthquakes that struck Venezuela have caused an estimated US$6.7 billion in direct physical damage, representing approximately 6% of the nation's gross domestic product. The assessment, a rapid digital analysis by the United Nations Development Programme (UNDP), utilized seismic modeling, satellite imagery, and population data.

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The analysis found that around 8.6 million people were exposed to above-moderate shaking across the country’s north, including around 2.1 million exposed to stronger shaking. As of June 26, the official death toll is 920 yet the number of casualties is expected to rise as rescue operations continue.

The UNDP's report, released yesterday, indicated that around 1.7 million structures were situated within the affected zones. This exposure meant that approximately 8.6 million people across the country's north experienced at least moderate shaking, with about 2.1 million enduring stronger tremors. As of June 26, the official death toll stood at 920, though casualties are expected to rise as rescue operations continue.

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For millions of people across the affected areas, the road to recovery is only just beginning as they struggle to rebuild after devastating losses and uncertain livelihoods.

While the economic impact is substantial, the UNDP emphasized that the most significant losses are borne by people and their communities. Millions now face the daunting task of rebuilding their lives and livelihoods amidst devastating losses and uncertain futures. The agency's estimate of direct physical damage ranges from US$4.7 billion to US$8.7 billion, primarily affecting housing and economic assets. This figure excludes broader infrastructure damage, economic disruption, and long-term reconstruction costs.

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This does not include infrastructure damage, wider economic disruption and longer-term reconstruction costs. While estimated of the total impact is expected to evolve as additional information becomes available, the total impact is typically calculated as 1.5 to 3 times the direct damage.

Luis Francisco Thais, UNDP Resident Representative in Venezuela, stressed the critical role of rapid assessments in disaster response. "The speed and accuracy of early assessments are essential for an effective response," he stated. He added that tools like RAPIDA enable faster, evidence-based decisions to support affected communities, viewing each crisis as an opportunity to build more resilient and sustainable futures. Satellite data also suggested possible power outages in several regions following the earthquakes.

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The speed and accuracy of early assessments are essential for an effective response. Tools like RAPIDA help us make faster, evidence-based decisions to support affected communities. At the same time, every crisis is an opportunity to rethink development strategies with resilience at their core. This ensures that recovery not only restores what was lost but also builds a more sustainable future.