Damaged buildings in La Guaira, Venezuela, on the 27th (local time) [AFP=Yonhap News]

A preliminary assessment by the United Nations indicates that the direct damage caused by the recent series of earthquakes in Venezuela is equivalent to 6% of the nation's gross domestic product (GDP).

In a statement released on the 26th (local time), the United Nations Development Programme (UNDP) estimated the physical losses from the earthquake that struck on the 24th at $6.7 billion (approximately 10.3 trillion won).

This figure was calculated by focusing on losses to housing and assets, utilizing earthquake modeling, satellite imagery, and population data.

The UNDP warned that this estimate does not include damages to public infrastructure such as roads and bridges, widespread economic disruption, or long-term reconstruction costs. They cautioned that the total economic impact, when these factors are included, could be 1.5 to 3 times the direct damage amount.

The Venezuelan government announced on the 27th that the death toll from the earthquake has reached 1,430, with 3,238 people injured.