The World Bank says the twin earthquakes that struck Venezuela on June 24 caused at least US$19.6 billion in direct physical damage. The Bank released its estimate on Thursday. It warned that the country must speed up reconstruction to reduce long-term economic losses.

The disaster claimed at least 5,398 lives. Another 16,740 people were injured. Unofficial reports suggest that thousands are still missing. The United Nations estimates that more than one million people need urgent humanitarian aid.

The World Bank assessed damage to buildings and infrastructure only. It did not include wider economic losses. Residential buildings suffered the biggest hit. Damage to homes reached US$9.3 billion. Non-residential buildings, such as businesses and public facilities, recorded another US$5 billion in losses. Damage to roads, utilities, hospitals, schools, and other infrastructure totaled US$5.2 billion.

The report found that La Guaira and the district that includes Caracas suffered about half of the total damage. La Guaira was the hardest-hit state. The World Bank estimates that one in every five homes there was destroyed. The earthquakes also badly damaged dozens of hospitals and hundreds of schools. Many communities continue to face major challenges as recovery efforts begin.

An earlier assessment by the United Nations placed direct physical damage at US$37 billion. That estimate came about a week after the earthquakes. The World Bank’s figure is lower because it focused on direct damage to buildings and infrastructure.

The Bank said the pace of rebuilding will shape Venezuela’s economic recovery. It warned that reconstruction could take more than ten years if current investment levels continue. As a result, it urged the government to increase public funding for rebuilding as quickly as possible.

The report also said reconstruction costs equal about 18% of Venezuela’s current gross domestic product (GDP), based on data from the International Monetary Fund (IMF). That figure highlights the size of the challenge facing the country. Faster rebuilding could help restore homes, public services, and economic activity. However, delays could slow recovery and make conditions harder for families and businesses already affected by the disaster.

The World Bank said strong public investment will be essential in the months ahead. It added that timely reconstruction can reduce long-term social and economic impacts. The report stresses that rebuilding homes, schools, hospitals, and infrastructure should remain a national priority as Venezuela works to recover from one of its deadliest natural disasters in recent years.