WORLD BANK ASSESSES $19.6BN DAMAGE FROM VENEZUELA EARTHQUAKES

The World Bank has estimated that earthquakes striking Venezuela in late June caused $19.6 billion in physical damage, according to findings published on Thursday. The magnitude 7.2 and 7.5 earthquakes hit on 24 June, with government authorities reporting at least 5,000 deaths and nearly 17,000 injured. An additional 18,000 people remain homeless as the country confronts the destruction. The World Bank assessment used Global Rapid Damage Estimation (GRADE) methodology to quantify the impact across different sectors.

Residential buildings sustained 47 per cent of the total damage, whilst infrastructure accounted for 27 per cent and non-residential buildings comprised 26 per cent. La Guaira state and Distrito Capital experienced the most severe impacts, bearing approximately half of the total damage recorded. Susana Cordeiro Guerra, World Bank Vice President for Latin America and the Caribbean, stated that the earthquakes had "disrupted lives, damaged critical infrastructure, and created new challenges for Venezuela's recovery." The assessment underscores Venezuela's existing economic difficulties; the World Bank previously estimated that 76 per cent of the population lived in poverty before the disaster, following years of economic mismanagement and United States sanctions.

The World Bank indicated that the damage assessment aims to equip the Venezuelan government and development partners with objective data for recovery planning. Cordeiro Guerra noted that "recovering effectively begins with reliable evidence" and that "without timely additional investment, the negative impact on productive capacity and living standards will slow the path to recovery." The World Bank Group committed to supporting Venezuela's reconstruction and recovery efforts.