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

A severe earthquake struck northern-central Venezuela on June 24, causing extensive damage and resulting in over 2,300 fatalities. The disaster prompted the Venezuelan government to declare a national emergency. The hardest-hit areas include the metropolitan region of the capital, Caracas, and the coastal state of La Guaira, where approximately 1,400 buildings were completely destroyed.

Risk and natural disaster modeling firm Verisk estimated the economic damage at more than $10 billion. However, assessing insured losses remains challenging due to Venezuela's complex economic conditions, including high inflation, low insurance coverage, and the impact of international sanctions on the local market.

An Israeli rescue delegation, comprising Magen - Disaster and Emergency Management, the Ready for Rescue association, and SmartAID, is actively assisting local authorities in search and rescue operations. These teams are working in difficult terrain, often conducting manual searches for trapped or missing individuals in collapsed structures.

Rescue and damage assessment efforts are ongoing amid a broader humanitarian crisis, severe infrastructure damage, and significant economic challenges faced by Venezuelan authorities following the earthquake.