Nearly a month after the devastating earthquakes on June 24, Venezuela is still assessing the extent of the disaster. According to the World Bank, direct physical damage from the natural disaster could reach 19.6 billion US dollars (17.2 billion euros), making it the largest natural disaster in the country over the past decade.
This level of damage highlights the urgent need for rapid and sustainable recovery to mitigate long-term economic consequences. This is noted in the report Global Rapid Damage Estimation (GRADE), published by the World Bank on Thursday. The document aims to assist the Venezuelan government and international partners in evaluating recovery needs and identifying priority areas for reconstruction.
Damage assessment and recovery challenges
“The earthquakes have destroyed lives, damaged critical infrastructure, and created new challenges for Venezuela’s recovery,” said Susana Cordeiro Guerra, Vice President of the World Bank for Latin America and the Caribbean. She emphasized that a timely and objective assessment provides the government and its partners with a foundation for planning effective recovery.
The GRADE report indicates that 47% of the total damage was to residential buildings, 27% to infrastructure, and 26% to non-residential structures. The state of La Guaira and the Capital District (Distrito Capital) were the most affected areas, accounting for nearly half of all destruction.
Economic consequences and speed of recovery
The World Bank also examined the potential macroeconomic and social impacts of the disaster. The report stresses that the speed of reconstruction will be critical for the country’s recovery. If financing relies primarily on reallocating already planned investments, the recovery process could extend beyond 10 years, adversely affecting economic development.
Conversely, expediting reconstruction and boosting public and private investments could significantly lessen the economic and social repercussions of the disaster.
GRADE assessment methodology
The GRADE methodology enables a rapid assessment of direct physical damage following major natural disasters. It employs satellite imagery, remote sensing data, risk assessment models, and engineering analysis. In Venezuela’s case, the assessment also utilized official damage data and information from partner organizations.
The GRADE project for Venezuela received financial support from the government of Japan through the Program for Integrating Disaster Risk Management in Developing Countries and the Global Facility for Disaster Reduction and Recovery (GFDRR).
Source: Euronews
