World Bank estimates $20 billion in damage from Venezuela earthquakes

The World Bank has estimated that the severe earthquakes that struck Venezuela in late June caused approximately $19.6 billion in direct property damage. The assessment highlights the significant impact on the nation's infrastructure and housing.

Nearly half of the estimated losses are attributed to residential buildings (47 percent), followed by infrastructure (27 percent) and non-residential buildings (26 percent). The states of La Guaira and the Capital District were identified as the most geographically affected regions, accounting for about half of the total direct property damage. Direct property damage is defined as the loss of assets resulting from the natural event, excluding indirect costs like production losses.

The earthquakes, with magnitudes of 7.2 and 7.5, struck the South American country on June 24. The official death toll has surpassed 5,000, with 16,740 people injured. Thousands of people lost their homes, and hundreds of buildings were damaged or completely destroyed in the disaster.