The United Nations estimated that direct physical damage from the twin earthquakes that rocked Venezuela amount to 6% of its gross domestic product. CNBC noted that risk modeler Verisk estimated the total economic losses to be much higher, topping $10 billion.
Authorities said almost 800 buildings collapsed as a result of the quakes, with 189 that were completely destroyed. A satellite analysis by NASA and Oregon State University researchers from Monday that close to 59,000 buildings were likely damaged or destroyed.
The death toll currently stands at 2,595, according to the latest estimate provided on Friday, an increase of 300 from Thursday. Over 12,000 people have bene injured and more than 38,500 were unaccounted for, down from 60,000 in the aftermath of the quakes.
The country's interim government has been heavily criticized over its response to the catastrophe, particularly the lack of heavy machinery used to remove debris.
The International Rescue Committee wrote in a statement to NBC News that the scale of devastation has overwhelmed the nation's ability to respond.
The International Rescue Committee said that even before the earthquake, Venezuela was in dire straits, with an estimated 8 million people needing humanitarian aid.
The IRC reported that the national water system had failed in many areas since the earthquake. Many areas are also without power.
"What we are seeing is catastrophic," said Nicole Kast, IRC Venezuela Country Director.
"People have lost everything in a matter of seconds, and the need for immediate support is overwhelming. In some of the hardest-hit areas, damaged infrastructure and limited civil response capacity mean people may be trapped and unable to reach safety or be reached by those trying to help. We are working to get supplies to frontline workers as fast as possible so that lives can be saved," she said.
More than 2,200 rescuers from 27 countries and 140 search dogs have been deployed. CNN reported that the U.S. has committed $300 million so far and sent hundreds of people to the ground, while the EU is providing €5 million. UNICEF estimates 1.8 million people, including 680,000 children, now need humanitarian aid.
UNICEF stated that it had sent a shipment of 20 metric tons of medical supplies, tents and water and sanitation items to Valencia from the organization's regional warehouse in Panama on June 27. Another shipment of 47 metric tons of humanitarian supplies secured from its European Union stockpile reached Venezuela on June 30.
NBC News reported that the World Food Programme has asked for $50 million to help provide emergency food assistance. The WFP hopes to help feed as many as half a million people in Venezuela over the next three months.
