Caracas: Twin earthquakes that struck Venezuela last month have resulted in direct physical damages amounting to approximately $19.6 billion, according to an estimate released by the World Bank. The financial institution emphasized the urgent need for increased public reconstruction funding to prevent long-term economic repercussions.

According to Emirates News Agency, the World Bank's assessment revealed that the destruction was most severe in residential areas, which accounted for 47 percent of the total damage. Infrastructure suffered 27 percent of the losses, while non-residential buildings made up the remaining 26 percent. Susana Cordeiro Guerra, World Bank Vice President for Latin America and the Caribbean, highlighted the significant financial impact of the earthquakes, stating that the immense costs necessitate a coordinated response.

Guerra further expressed concerns about the potential long-term effects on the country's productive capacity and living standards. She warned that without timely and substantial investment, Venezuela's recovery could be significantly hampered. In response to the crisis, the World Bank announced its collaboration with the Venezuelan government, the Inter-American Development Bank, and the Development Bank of Latin America (CAF) to conduct a more thorough evaluation of the nation's recovery and reconstruction needs.