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The World Bank Group estimated that the twin earthquakes that struck Venezuela on June 24 caused $19.6 billion in direct physical damage, with homes making up nearly half of the destruction, according to a rapid assessment.
The overall cost of rebuilding could climb to as much as $50 billion once reconstruction, resilience upgrades and structural improvements are taken into account, well above the estimated direct physical damage, the report noted.
The assessment found that residential buildings accounted for 47% of total damage, followed by infrastructure at 27% and non-residential buildings at 26%.
The two earthquakes, measuring 7.2 and 7.5, hit the country on June 24, leaving La Guaira state and Distrito Capital as the hardest-hit areas, together accounting for around half of the overall losses.
The earthquakes became Venezuela's deadliest seismic disaster since 1812, leaving 5,069 people dead, 16,740 injured and 17,907 displaced, according to official figures. Seismologists have also recorded more than 1,331 aftershocks since the twin quakes struck.
Emergency crews pulled 6,462 survivors from collapsed buildings as search-and-rescue operations continued for days. Authorities established more than 100 temporary shelters to house displaced residents while distributing emergency food, drinking water and medical supplies.
The government declared a state of emergency, temporarily shut Simón Bolívar International Airport, suspended classes in affected areas and deployed military units alongside local emergency services. International rescue teams and medical personnel also joined the response as authorities worked to restore essential services.
Building on its Global Rapid Damage Estimation (GRADE) analysis, the World Bank also looked at the broader economic and social impact of the disaster and concluded that the speed of reconstruction will play a decisive role in Venezuela's recovery.
The report warned that if reconstruction continues under current public and private investment levels, much of the rebuilding would rely on diverting funds from other projects and would still remain incomplete after 10 years.
A faster rebuilding effort backed by greater investment would reduce the long-term economic and social consequences of the earthquakes, it added.
"This assessment gives the Government of Venezuela and its partners an early objective foundation for recovery planning, and the World Bank Group is committed to supporting that effort every step of the way," World Bank Vice President for Latin America and the Caribbean Susana Cordeiro Guerra noted.
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