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Devastating Earthquakes Deepen Venezuela’s Economic Crisis

Early estimates from the U.S. Geological Survey placed potential economic losses between $10 billion and $100 billion.

Pic via @patriciajaniot

Deadly twin earthquakes have dealt a major setback to Venezuela’s already fragile economy, according to an analysis by CNN. The report said the country was still grappling with years of sanctions, hyperinflation, corruption and a weakened oil sector when the disaster struck.

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At least 32 people were killed and about 700 injured, while the casualty toll is expected to rise, acting President Delcy Rodríguez said. Early estimates from the U.S. Geological Survey placed potential economic losses between $10 billion and $100 billion.

According to the report, damaged infrastructure, strained healthcare services and chronic shortages of fuel, medicine and other essentials are expected to complicate relief efforts. Rodríguez declared a nationwide state of emergency and said search, rescue and medical operations had been activated.

President Donald Trump said the United States was prepared to assist Venezuela, while Secretary of State Marco Rubio announced plans to deploy search and rescue teams, medical resources and humanitarian aid. The report said observers are now watching whether those pledges translate into concrete support.

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Magnitude 7.1 Earthquake Rocks Caracas And Northern Venezuela
According to the U.S. Geological Survey, the earthquake struck near the Caribbean coast close to Montalbán at a relatively shallow depth, allowing the tremors to be felt across much of northern Venezuela and neighboring Colombia.

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