The economic damage caused by last week’s devastating twin earthquakes in Venezuela is now estimated to exceed $10 billion, according to catastrophe risk modeling firm Verisk, as rescue efforts continue and the death toll climbs past 2,300.

The powerful earthquakes struck north-central Venezuela on June 24, causing widespread destruction across densely populated areas. The hardest-hit regions include the Caracas metropolitan area and the coastal state of La Guaira, where Verisk estimates that approximately 1,400 buildings were completely destroyed.

Verisk said estimating insured losses remains difficult due to Venezuela’s economic conditions, including high inflation, low insurance coverage, and the impact of international sanctions on the country’s financial system.

Meanwhile, an Israeli search-and-rescue delegation continues operating in the disaster zone alongside local authorities. The mission includes teams from Magen Disaster Management, Ready for Rescue, and SmartAID, which are searching collapsed structures where survivors and missing persons are still believed to be trapped.

Rescue crews continue to work under extremely challenging conditions, with some operations being carried out entirely by hand as authorities race to locate additional survivors. Venezuelan officials are simultaneously grappling with a humanitarian crisis, widespread infrastructure damage, and the enormous economic impact left in the wake of the disaster.

(YWN World Headquarters – NYC)