Venezuela Earthquake Causes Over $10 Billion in Damage and 2,300 Deaths

A powerful 7.2 magnitude earthquake struck northern-central Venezuela on June 24, causing severe destruction and loss of life. Risk modeling firm Verisk estimates the economic losses from the disaster will exceed $10 billion. The quake heavily impacted densely populated areas, particularly the metropolitan region of Caracas and the coastal state of La Guaira, where around 1,400 buildings were completely destroyed.

The death toll has surpassed 2,300, prompting the Venezuelan government to declare a national emergency. Verisk highlighted significant uncertainty in estimating insured losses due to Venezuela's challenging macroeconomic conditions, rampant inflation, low insurance penetration, and complications from international sanctions.

Meanwhile, an Israeli rescue delegation comprising Magen Disaster Management, Ready for Rescue, and SmartAID continues to operate on the ground. Working closely with local authorities, the team conducts manual search and rescue operations under difficult conditions, focusing on collapsed structures where survivors may be trapped. The delegation has recovered numerous victims and remains active at multiple sites based on ongoing intelligence from local officials.