The World Bank estimates the June 24 twin earthquakes in northern Venezuela caused $19.6 billion in direct physical damage — about 18% of the country’s GDP.
The preliminary report says 47% of losses were to homes, 27% to infrastructure, and 26% to non-residential buildings. La Guaira state and the Capital District, including Caracas, account for about half the damage. In La Guaira, 1 in 5 homes was destroyed.
The Bank warned that with rebuilding costs and debris removal, the total bill could reach close to $50 billion. At current investment levels, reconstruction could take more than 10 years.
The quakes, magnitudes 7.2 and 7.5, killed 5,398 people and injured 16,740, according to official figures. About 18,000 people remain without housing, and the UN says over 1 million need immediate aid.
The disaster hit a country where poverty is above 76% and the economy has contracted sharply over the past decade amid US sanctions. The World Bank said it is working with Venezuela, the IDB, and CAF on technical and financial support.