The 24 June Venezuela earthquakes could have resulted in around $19.6 billion (€17.2bn) worth of direct physical damage, according to the World Bank Group.
This significant number reveals a crucial need for the country to invest in timely and resilient reconstruction, in order for the economy to recover.
The findings were highlighted in a Global Rapid Damage Estimation (GRADE), carried out by the World Bank and published on Thursday.
The primary aim of the assessment is to provide the Venezuelan government and development partners with early insight into the scale of the rebuilding needed, and help outline the reconstruction and recovery efforts which need the most immediate attention to recover from the large-scale disaster.
"The earthquakes have disrupted lives, damaged critical infrastructure, and created new challenges for Venezuela's recovery," Susana Cordeiro Guerra, World Bank Vice President for Latin America and the Caribbean, said in a press release.
