Venezuela quakes caused $19.6 billion in damage, World Bank report shows

Venezuela quakes caused $19.6 billion in damage, according to an early World Bank assessment released on Thursday, covering two earthquakes that struck the country on June 24. The quakes, rated 7.2 and 7.5 magnitude, killed about 5,000 people and destroyed residential buildings, infrastructure and non-residential assets across northern areas, including Caracas. The Venezuelan government estimates nearly 17,000 people were injured and about 18,000 remain homeless. The World Bank said direct physical damage totals $19.6 billion, while reconstruction costs could reach two to two-and-a-half times that figure, pushing the overall bill close to $50 billion. Susana Cordeiro Guerra said timely additional investment is crucial. Using remote modeling and local and satellite data, the bank found 47% of damage in housing, 27% in infrastructure, and 26% in non-residential buildings. It is working with the government, IDB and CAF on a broader recovery cost study.