The World Bank has estimated the damage caused by the earthquakes that occurred in Venezuela on June 24 at 19.6 billion US dollars.
“Elchi” reports, citing the World Bank’s preliminary report, that approximately half of the total damage volume is attributed to the housing stock.
The document notes that the scale of the destruction underscores the necessity for the country’s prompt recovery to accelerate economic growth and mitigate the social consequences of the disaster.
According to the assessment, 47% of the damage is attributed to residential buildings, 27% to infrastructure facilities, and another 26% to non-residential structures.
The analysis was conducted within the framework of the Global Rapid Post-Disaster Damage Estimation (GRADE) program, which allows for determining the initial scale of losses and helps the Venezuelan government, as well as international partners, to assess the scope of upcoming recovery efforts.
Based on the results of GRADE, the World Bank has also analyzed the potential macroeconomic and socio-economic consequences of the earthquake.
According to experts, the pace of Venezuela’s economic recovery and its future social development will be determined by the speed at which work to address the consequences of the earthquakes is carried out.
It should be recalled that a devastating earthquake occurred in Venezuela on the evening of June 24. Two tremors with magnitudes of 7.2 and 7.5 were recorded at an interval of approximately 40 seconds. As a result, approximately 5,400 people died.