World Bank: Venezuela earthquakes caused $19.6 billion in damage

The World Bank estimates that recent earthquakes in Venezuela have caused $19.6 billion in direct physical damage, according to a statement from the World Bank Group. Findings from the Global Rapid Damage Estimation (GRADE) study were shared, highlighting the significant impact on the nation's infrastructure and housing.

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The earthquakes caused $19.6 billion in direct physical damage in Venezuela.

The assessment indicates that 47% of the total damage occurred in residential buildings, with infrastructure accounting for 27% and non-residential buildings for 26%. The states of La Guaira and Distrito Capital bore the brunt of the disaster, experiencing approximately half of the total damage.

Reconstruction efforts are vital for Venezuela's economic recovery. However, the World Bank noted that with current public and private investment levels, financing reconstruction may require redirecting funds from other projects. This could potentially delay the rebuilding process, leaving it incomplete even after a decade and causing lasting negative economic effects.

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47% of the total damage occurred in residential buildings, 27% in infrastructure, and 26% in non-residential buildings.

Conversely, the statement emphasized that increased public and private investment could accelerate reconstruction, thereby mitigating the economic and social consequences of the earthquakes. The timely completion of reconstruction is presented as key to the country's economic recovery.

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La Guaira and Distrito Capital were the most affected regions, accounting for about half of the total damage.