The World Bank has estimated the damage caused by the June 24 earthquakes in Venezuela at $19.6 billion.

Axar.az informs that in the World Bank's preliminary report, nearly half of the total damage was sustained by the country's housing sector.

The report states that the scale of the destruction underscores the need for a rapid recovery to accelerate economic growth and mitigate the disaster's social consequences.

The earthquakes claimed at least 5,398 lives, while 16,740 people were injured. Hundreds of buildings were destroyed, particularly in the hardest-hit coastal state of La Guaira. Unofficial estimates suggest that thousands of people remain missing.

The United Nations estimates more than a million people are in need of immediate humanitarian aid.

According to the assessment, 47% of the damage affected residential buildings, 27% infrastructure facilities, and the remaining 26% non-residential structures.