A preliminary World Bank assessment reports $19.6 billion in direct physical damage following twin earthquakes in northern Venezuela on June 24.

Twin earthquakes that struck northern Venezuela on June 24 caused an estimated $19.6 billion in direct physical damage, according to a World Bank report released Thursday. The disaster resulted in 5,398 deaths and 16,740 injuries, marking the deadliest seismic event in the country since 1812. The World Bank estimates that the total cost of recovery, including debris removal and structural improvements, could reach $50 billion.

Damage Assessment and Impact

The World Bank's assessment attributes 47% of the losses to residential buildings, 27% to infrastructure, and 26% to non-residential buildings. La Guaira state and the Capital District, which includes Caracas, sustained roughly half of the total impact. In La Guaira, the most severely affected area, one in five homes was destroyed. Approximately 18,000 people remain without housing, and the United Nations estimates that over one million people require immediate humanitarian assistance.

Economic Outlook and Recovery

The $19.6 billion in direct damage represents approximately 18% of Venezuela's gross domestic product. The World Bank warned that at current investment levels, reconstruction could take more than a decade, further straining an economy that has contracted over the past ten years. The institution is currently coordinating with the Venezuelan government, the Inter-American Development Bank, and CAF to determine potential technical and financial support.