World Bank Estimates Venezuela Quake Damage at $19.6 Billion
The World Bank has estimated that the powerful earthquakes that struck Venezuela on 24 June caused nearly $19.6 billion in direct physical damage, underscoring the scale of reconstruction needed after the country's worst natural disaster in decades.
The findings were released on Thursday through the World Bank Group's Global Rapid Damage Estimation (GRADE) assessment, which provides governments with an early evaluation of disaster-related losses to support recovery planning and reconstruction efforts.
According to the report, residential buildings accounted for the largest share of destruction, representing 47% of total damages. Critical infrastructure made up 27%, while non-residential buildings accounted for the remaining 26%.
The states of La Guaira and Distrito Capital suffered the heaviest losses, together representing nearly half of the estimated damage caused by the earthquakes.
"The earthquakes have disrupted lives, damaged critical infrastructure, and created new challenges for Venezuela's recovery," said Susana Cordeiro Guerra, the World Bank's Vice President for Latin America and the Caribbean.
She added that the assessment provides the Venezuelan government and its development partners with an objective foundation for recovery planning and reaffirmed the World Bank's commitment to supporting reconstruction efforts.
The report warned that rebuilding could take more than a decade if reconstruction continues at the current pace of public and private investment. Under such a scenario, recovery funding would likely be diverted from other development projects, placing additional pressure on economic growth.
However, the World Bank said a faster reconstruction strategy supported by increased public and private investment could significantly reduce the long-term economic and social impact of the disaster.
The assessment also highlighted the importance of prioritising vulnerable communities during the recovery process. Around 11.5 million people, nearly 40% of Venezuela's population, live in the seven states most affected by the earthquakes. These regions also contain almost half of the country's building and infrastructure assets.
Researchers noted that households led by women, single parents, elderly residents, and people with disabilities face greater risks during recovery. Restoring essential services such as electricity, clean water, healthcare, and transportation was identified as a key priority to prevent existing social inequalities from worsening.
The GRADE assessment combined satellite imagery, engineering models, catastrophe risk analysis, government data, and field reports to estimate the scale of physical damage. The study also received financial support from the Government of Japan through disaster risk management initiatives.
The World Bank said the findings are intended to help Venezuelan authorities prioritise rebuilding efforts, strengthen infrastructure resilience, and accelerate economic recovery following one of the country's most destructive natural disasters in recent history.
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