Two strong earthquakes struck north-central Venezuela on the evening of the 24th, resulting in 235 deaths and thousands injured so far.
Although Venezuela possesses the world's largest oil reserves, the country's once-thriving economy has already suffered severe damage due to years of U.S.-led sanctions, hyperinflation, government corruption, and mismanagement of the oil sector. Since 2013, its domestic GDP has shrunk by about 80%. In January this year, the United States even abducted Venezuelan President Maduro and took him to the U.S.
Acting President Rodriguez has been cautiously advancing economic liberalization, actively courting the support of foreign oil companies, while pragmatically seeking favor with Washington and aiming to lift the country's harsh sanctions.
Subsequently, the U.S. has relaxed related sanctions and Venezuela's oil output has gradually rebounded, but inflation remains high and the local population continues to struggle with low incomes. According to United Nations statistics, by 2025, nearly 8 million people in the country will require humanitarian assistance, accounting for about one-third of the total population.
Shortages of Daily Necessities
Even before the earthquake, Venezuela faced long-term shortages of essentials—including daily necessities, basic services, oil, and medicine—with ordinary citizens finding it difficult to obtain adequate supplies. The humanitarian crisis triggered by these twin strong earthquakes is bound to further exacerbate the already fragile supply chain.
According to preliminary models from the U.S. Geological Survey, Venezuela's economic losses could range from $10 billion to $100 billion, with the upper limit roughly equivalent to the entire Venezuelan economy.
Analysts point out that Venezuela's economy was already struggling, and the government may be unable to sustain its overburdened healthcare system or afford reconstruction costs in the face of such devastating earthquakes. For local people who were already suffering from poverty, the blow from the twin earthquakes is undoubtedly adding insult to injury.