Venezuela faces US$6.7 billion in economic losses from earthquakes: UNDP

New Delhi (Vivek Ojha) : The earthquakes that struck Venezuela on 24 June caused significant human suffering and loss of life, while also severely affecting livelihoods, infrastructure, and essential services. This includes a preliminary estimate of $6.7 billion in direct physical damage, equivalent to around 6% of GDP, according to a satellite-based Rapid Digital Assessment (RAPIDA) by the United Nations Development Programme (UNDP). While the economic impact is substantial, the greatest loss is borne by the people and communities.

The quakes, measuring magnitude 7.2 and 7.5, hit near Venezuela’s northern coast and were felt across major population and economically important areas, including Caracas and the states of La Guaira, Carabobo, Miranda, Yaracuy, and Aragua. UNDP estimates that 1.7 million structures were in affected areas, including large numbers in the hardest-hit states.

The analysis found that around 8.6 million people were exposed to above moderate shaking across the country’s north, including around 2.1 million exposed to stronger shaking. As of June 26, the official death toll is 920 yet the number of casualties is expected to rise as rescue operations continue. For millions of people across the affected areas, the road to recovery is only just beginning as they struggle to rebuild after devastating losses and uncertain livelihoods.

Direct physical damage is estimated at $6.7 billion (range of $4.7 billion to $8.7 billion), driven by losses to housing and economic assets, according to the preliminary assessment. This does not include infrastructure damage, wider economic disruption and longer-term reconstruction costs. While estimated of the total impact is expected to evolve as additional information becomes available, the total impact is typically calculated as 1.5 to 3 times the direct damage.