The damage from a series of earthquakes that struck Venezuela last month is estimated to have reached 19.6 billion dollars (approximately 29 trillion won).

The World Bank (WB) announced on the 23rd (local time) that, following an assessment focusing on direct damage to buildings and infrastructure, the direct physical damage from the Venezuela earthquakes amounts to at least 19.6 billion dollars.

This figure is equivalent to about 18 percent of Venezuela's gross domestic product (GDP).

The series of earthquakes that occurred on the 24th of last month have resulted in 5,398 deaths and 16,740 injuries to date.

Physical damage is also substantial.

Particularly in La Guaira State, which suffered the most severe damage, hundreds of buildings collapsed, leaving one out of every five homes damaged, according to the World Bank.

Direct damage to residential buildings alone accounted for nearly half of the total estimated damage, reaching 9.3 billion dollars.

Damage to non-residential buildings was tallied at 5 billion dollars, and infrastructure losses at 5.2 billion dollars.

In a statement, the World Bank said that the speed of reconstruction will be a "critical factor determining the country's economic recovery and social outcomes."

It added that at the current level of private and public investment, reconstruction would take more than 10 years, urging the Venezuelan government to quickly increase public funds.

(Photo: AP, Yonhap News)