World Bank Estimates $19.6 Billion in Damage from Venezuela Earthquakes

The World Bank has estimated the direct damages from two consecutive earthquakes that struck Venezuela on June 24, 2026, at $19.6 billion. However, the cost of reconstruction could potentially double or more, according to a preliminary assessment released on Thursday, Reuters reported. According to a report from the Venezuelan government, the twin earthquakes, measuring 7.2 and 7.5 on the Richter scale, killed approximately 5,000 people and destroyed residential buildings, infrastructure, and non-residential structures in the northern part of the country, including the capital, Caracas. The government estimates that nearly 17,000 people were injured and close to 18,000 others remain homeless. The World Bank stated that the disaster, the deadliest in Venezuela since 1812, struck at a time when the country's socioeconomic situation was already precarious, with a poverty rate exceeding 76% and approximately 7.9 million people having fled the country since 2015. Susana Cordeiro Guerra, World Bank Vice President for Latin America and the Caribbean, stated that without timely additional investment, the negative impact on productivity and living standards will prolong the path to recovery. The bank completed a rapid global damage assessment using remote sensing-based earthquake modeling, local seismic data, satellite imagery, and damage reports from the government, humanitarian agencies, and other stakeholders. This estimate does not yet include the cost of building back better through infrastructure improvements or updated construction types. It also excludes direct economic losses, with labor supply expected to fall by 1% this year. The World Bank is currently working with the Venezuelan government, the Inter-American Development Bank, and the Latin American Development Bank on a more comprehensive assessment of Venezuela's recovery and reconstruction costs. Such studies typically take months, while the GRADE assessment was completed in just a few weeks. Information Source: Koh Santep Khmer