The double earthquake that struck Venezuela a month ago caused nearly US$19.6 billion in damage, according to an estimate published Thursday by the World Bank (WB), almost half of which concerned residential buildings.
• Also read: Death toll from double earthquake in Venezuela rises to 5,119
The two earthquakes, with a magnitude of 7.2 and 7.5, shook the north of the country on June 24, causing the collapse of hundreds of buildings in Caracas and in the coastal state of La Guaira, close to the capital, causing the death of 5,398 people, according to the Venezuelan government’s report.
According to the WB’s estimate, 47% of the damage concerns residential buildings, 27% infrastructure and 26% non-residential buildings, that is to say mainly commercial or industrial buildings.
“This estimate gives the Venezuelan government and its partners an objective basis to prepare reconstruction efforts and the World Bank is committed to supporting this effort at every stage,” declared the institution’s vice president for Latin America and the Caribbean, Susana Cordeiro Guerra, quoted in the press release.
In addition to the damage itself, the socio-economic impact of earthquakes will depend primarily on the pace of reconstruction and the support provided by the country’s partners.
“Given current levels of private and public investment, reconstruction will need to be largely financed by redirecting funds from other investment projects. If this is the case, it would be unfinished within 10 years, with long-term negative effects on economic activity,” the statement said.
Venezuela’s interim president, Delcy Rodríguez, has promised to provide 4,000 homes for disaster victims this year and 10,000 by 2027.
To do this, Parliament adopted legislative reforms aimed at accelerating the construction of housing estates but also the purchase of housing on the secondary market.
The International Monetary Fund (IMF), for its part, released an initial envelope of US$346 million to help finance humanitarian aid and debris clearance as well as initial reconstruction efforts.
The WB says it is working with the government, as well as the Inter-American Development Bank (IDB) and the Latin American Development Bank (CAF) to “determine the technical and financial support necessary for recovery and reconstruction”.
