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This paper deals with the vulnerability assessment of historic masonry structures subjected to settlements using rigid block modelling. A 2-D rigid block model with unilateral elastic contacts and finite friction is developed for the evaluation of the displacement capacity in the large displacement regime by push-down analysis. A variational formulation of the rigid block model is adopted, which relies on associative behavior for displacement rates. Under this assumption, the equation systems governing the behavior of the rigid block model can be uncoupled into two equivalent force and displacement-based problems, thus reducing computational costs. The numerical model was validated against the results of an ad-hoc experimental campaign on small scale tuff panels and against the tests on a small-scale masonry facade subjected to moving supports, from the literature. Applications of the proposed modelling approach are presented to the assessment of a full scale, monumental masonry facade. Following classic force-displacement methods that are used in the case of seismic actions, capacity curves are proposed for the damage assessment induced by settlements. Those state the relation between the base reaction at the moving supports and the displacement of a control point, which is obtained from the push-down analysis. Finally, comparisons with empirical assessment methods from the literature are presented.