World Bank estimates Venezuela earthquakes caused $19.6bn in damage

The World Bank has said that the powerful earthquakes that struck Venezuela in late June caused an estimated $19.6bn in physical damage, underscoring the country's challenging path to recovery. In a statement on Thursday, the World Bank said 47 percent of the damage occurred to residential buildings, while 27 percent occurred to infrastructure and 26 percent to non-residential buildings.

Government authorities have estimated that the magnitude 7.2 and 7.5 earthquakes that struck Venezuela on June 24 killed at least 5,000 people and injured nearly 17,000. An additional 18,000 remain homeless, as the country struggles to recover from the destruction amid persistent economic hardship.

The assessment, which does not account for losses from economic disruption, rising costs from debris removal or the potential for even stronger future tremors, will help guide international reconstruction efforts, the World Bank said.

"Without timely additional investment, the negative impact on productive capacity and living standards will slow the path to recovery," said Cordeiro Guerra.

The United States, which has exercised substantial control over Venezuelan affairs since abducting the country's former leader, Nicolas Maduro, in a military raid in January, announced on Thursday that it would give more than $200m to the Red Cross to assist people impacted by conflict and natural disasters.

The World Bank assessment, known as GRADE, relies on remote-based earthquake modeling, local seismic data, satellite imagery and preliminary damage reports from government, humanitarian agencies and other sources. While its findings are significant, the bank stressed that they do not capture the full extent of the devastation or the long-term economic impact of the disaster.

Venezuela's economy has been in a state of prolonged collapse marked by hyperinflation, severe shortages and large-scale emigration in recent years. More than seven million Venezuelans have left the country since 2015, according to the United Nations.

The double earthquake struck on the evening of June 24, with the first 7.2 magnitude tremor followed 39 seconds later by a 7.5 magnitude jolt centered near the coast.