Crumbling edifice
Cost of rebuilding more than damage for quake-hit Venezuela, experts say
"The earthquake caused an estimated $19.6 billion in direct physical damage, a staggering figure for any economy and one that demands a coordinated response," said Susana Cordeiro Guerra, the World Bank vice president who oversees Latin America and the Caribbean.
"Without timely additional investment, the negative impact on productive capacity and living standards will slow the path to recovery," she said.
The bank completed its global rapid damage estimation using remote-based earthquake modeling, local seismic data, satellite imagery and damage reports from government, humanitarian agencies and others on the ground. The estimate does not include the cost of "building back better" through structural improvements or upgrading the construction type. Those costs, including debris clearance, could be two to two-and-a-half times the replacement costs, which could drive the total bill to close to $50 billion.
