Two earthquakes that struck Venezuela on June 24 caused $19.6 billion in direct physical damage, according to a World Bank report. The 7.2 and 7.5 magnitude quakes killed about 5,000 people and destroyed residential buildings, infrastructure, and non-residential buildings in the northern areas of the country, including the capital Caracas.
Rebuilding Efforts
The World Bank estimates that the cost of rebuilding could be twice the amount of the initial damage, potentially reaching $50 billion. The bank completed its Global Rapid Damage Estimation using remote-based earthquake modeling, local seismic data, satellite imagery, and damage reports from government, humanitarian agencies, and others on the ground.
The assessment showed that 47% of the damage occurred in residential buildings, 27% in infrastructure, and 26% in non-residential buildings. The pace of reconstruction will be a decisive factor in shaping the country’s economic recovery and social outcomes.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
