Economic Cost of Israel’s Gaza War Surpasses $67 Billion

Gaza, MINA – The economic costs of Israel’s ongoing war on Gaza could reach around 250 billion shekels ($67.57 billion) by the end of 2024, according to a report cited by Anadolu Agency.

Israeli business newspaper Calcalist released the figures, which reflect Bank of Israel estimates and include direct military costs, civilian spending and revenue losses, but not the full financial impact, the report said.

The Israeli report described the costs as a “heavy burden” and criticized the “failure” of the war effort, highlighting the need for a substantial increase in Israel’s defense budget over the next decade, Anadolu Agency reported.

It said budget pressures “have sparked discussions within Israel, particularly about the reallocation of revenues from natural gas resources in the Mediterranean, which were originally intended for health care and education but now appear to be earmarked for defense spending.”

The report also cited the latest recommendations of the Nagel Committee, which suggested an additional 275 billion shekels ($74 billion) for defense over the next decade with annual increases of 27.5 billion shekels ($7 billion), according to Anadolu.

The committee “proposed strengthening Israel’s multi-layered air defense system, including the Iron Dome and the newly operational laser system in addition to reinforcing the Jordan Valley border with a heavily fortified barrier,” the Anadolu report added.

Israel’s ongoing assault on the Gaza Strip, which began on October 7, 2023, has led to a humanitarian crisis of unprecedented proportions. As the death toll among besieged and starving Palestinian civilians continues to rise daily, Israel is currently facing charges of genocide against Palestinians before the International Court of Justice (ICJ).

According to the Gaza Health Ministry, at least 46,537 Palestinians have been killed, and 109,571 injured in Israel’s ongoing genocide in Gaza that began on October 7, 2023.

The death toll is expected to rise, with at least 11,000 still unaccounted for, believed to have died under the rubble of their homes across Gaza. (T/RE1/P2)

Mi’raj News Agency (MINA)