World Bank puts Venezuela earthquake damage at $19.6 billion

The World Bank estimated that the twin earthquakes that struck Venezuela on 24 June caused direct physical damage of about $19.6 billion, roughly 18% of the country’s GDP. Using its Global Rapid Damage Estimation (GRADE) methodology, the assessment found that 47% of the loss stems from residential buildings (about $9.3 billion), 27% from infrastructure ($5.2 billion) and 26% from non‑residential structures ($5.0 billion). The most heavily hit areas were the state of La Guaira and the Capital District, together accounting for nearly half of the total loss, while Miranda and Carabobo added to an 85% concentration of damages.

The report warned that reconstruction financed only by reallocating existing project funds could remain incomplete for a decade, keeping Venezuela’s productive capacity, GDP and consumption below pre‑quake levels until at least 2036. It urged increased public and private investment and noted the Bank’s commitment to work with the Venezuelan government and other multilaterals on technical and financial support.

Official casualty figures stand at 5,398 dead and 16,740 injured, with UN estimates that up to 6.8 million people were directly affected and tens of thousands remain missing. Social media claims of new rescues in the OPP26 complex were officially debunked by Venezuelan civil protection, underscoring the broader challenges in information management and emergency response.