The objectives of this report include providing an estimate of the direct economic damage to physical assets caused by the December 17, 2024, earthquake in Vanuatu, providing information on the sectoral and spatial distribution of damage, and, in so doing, supporting the development of a roadmap for recovery and reconstruction. The data sources used are highlighted in Annex A. This GRADE assessment is intended as a rapid remote estimate prepared within a short timeframe to inform early decision-making. It is not intended as a substitute for detailed on-the-ground analysis, which may be conducted weeks and months after an event. The GRADE assessment should be interpreted as a first-order estimation of direct damages, albeit with a significant degree of reliability. While there is confidence in the overall damage estimates and distribution of damage, the confidence level at the individual asset level is low. Therefore, results are presented at aggregated levels.