World Bank: Venezuela quake damages around $20B
On June 24, two earthquakes with magnitudes of 7.2 and 7.5 struck northern Venezuela, resulting in 5,398 fatalities and the destruction of hundreds of buildings. The combined damages were estimated at approximately $19.6 billion, with 47% attributed to residential buildings and 27% to infrastructure, according to the World Bank. The government is working on reconstructing the affected areas, with plans to build 14,000 homes by 2027 and to provide financial support from the International Monetary Fund and other international organizations. However, estimates warn that the recovery process could take more than 10 years due to the need for substantial funding.
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