Venezuela earthquakes caused $19.6B in damage, $50B in rebuild: World Bank estimates

The World Bank released an initial assessment evaluating the financial and human toll of the magnitude 7.2 and 7.5 earthquakes that struck Venezuela on June 24, 2026.

In an early assessment from GRADE (The World Bank’s Global Rapid Damage Estimation) report released on Thursday, the World Bank said the two earthquakes that rocked Venezuela on June 24 caused $19.6 billion in direct physical damage, but the cost of rebuilding could be twice that much or more.

According to the officials, the earth quakes destroyed residential buildings, infrastructure and non-residential buildings in the northern areas of the country, including the capital Caracas.

The government estimates that nearly 17,000 people were injured and nearly 18,000 remain homeless.

The World Bank said, the disaster is the country's deadliest earthquake since 1812, came at a time when socioeconomic conditions were already precarious, with a poverty rate of over 76%, the World Bank said. Some 7.9 million people have fled the country since 2015.

Vice president Susana Cordeiro Guerra who oversees Latin America and the Caribbean said, "The earthquake caused an estimated $19.6 billion in direct physical damage, a staggering figure for any economy and one that demands a coordinated response."

"Without timely additional investment, the negative impact on productive capacity and living standards will slow the path to recovery," she added.

The report found that residential buildings accounted for 47% of total losses, followed by critical infrastructure at 27% and commercial and public non-residential buildings at 26%.

Because the initial estimate covers only immediate physical replacement, the report said the total reconstruction cost could rise to between $40 billion and $50 billion after accounting for debris clearance and structural upgrades under a "build back better" approach.