The twin earthquakes that struck Venezuela one month ago caused an estimated $19.6 billion in damage, according to an assessment published today by the World Bank, with half of the losses affecting residential housing.

The two earthquakes, with magnitudes of 7.2 and 7.5, hit northern Venezuela on 24 June, causing hundreds of buildings to collapse in Caracas and La Guaira state, near the capital, and resulting in the deaths of 5,398 people, according to official figures released by the Venezuelan government.

According to the World Bank’s assessment:

• 47% of the damage affected housing.
• 27% involved infrastructure.
• 26% affected non-residential buildings, primarily commercial and industrial properties.

“This assessment provides the Government of Venezuela and its partners with an objective basis for planning reconstruction efforts, and the World Bank is committed to supporting that effort every step of the way,” said Susana Cordeiro Guerra, the institution’s Vice President for Latin America and the Caribbean, according to a press release.

Beyond the physical destruction, the report notes that the socio-economic impact of the earthquakes will largely depend on the pace of reconstruction and the level of support provided by the country’s international partners.

“Given current levels of public and private investment, reconstruction would have to be financed largely by redirecting resources from other investment projects. If that occurs, rebuilding would still not be completed in ten years, with long-term negative consequences for economic activity,” the statement said.

Venezuela’s interim president, Delcy Rodríguez, pledged to provide 4,000 homes to earthquake victims this year and 10,000 more by 2027.

To support that effort, parliament approved legislative reforms aimed at accelerating the construction of housing developments and facilitating the purchase of homes on the secondary real estate market.

Meanwhile, the International Monetary Fund (IMF) has disbursed an initial $346 million to help finance humanitarian assistance, debris removal and the first phase of reconstruction efforts.