Economic losses mount as Venezuela earthquake death toll grows
After powerful earthquakes in Venezuela that killed at least 188 people, economic losses could reach 7% of GDP, and international aid is being organized.
A series of powerful earthquakes struck Venezuela on Wednesday, with magnitudes of 7.2 and 7.5, leaving at least 188 dead. Preliminary estimates from the US Geological Survey indicate that damage could cost between 1 and 7 percent of the country's GDP, which stands at about $111 billion.
Interim President Delcy Rodriguez announced a $200 million fund from the International Monetary Fund to help rebuild infrastructure, hospitals, and housing. Experts note that significant reconstruction will likely require foreign support, including from the US, regional actors, and international financial institutions.
US Secretary of State Marco Rubio said the US is sending resources to assess damage and provide aid. Rescue operations have been deployed, but the country's main airport, Simon Bolivar International Airport, remains closed, creating logistical challenges.
The United Nations has fully mobilized humanitarian efforts, and Switzerland has sent 18 tonnes of rescue equipment. Private companies have been asked to help remove rubble.
Aid efforts are complicated by the already dire economic situation. Of the 31.7 million population, more than 20 million were already living in poverty with insufficient access to food and medicine. Many hospitals lack reliable running water or power supplies.
The earthquakes had limited impact on the oil and gas sector. The El Palito refinery near the epicenter did not sustain damage, while the Moron petrochemical complex resumed production after a brief shutdown. Chevron confirmed it remains operational.
