ISRAEL’S GAZA WAR RACKS UP OVER $67B IN COSTS

Mon 13 January 2025:

The economic toll of Israel’s ongoing war on Gaza reached approximately 250 billion shekels ($67.57 billion) by the end of 2024, a report said.

Israeli business newspaper Calcalist released the figure on Friday that reflects estimates by the Bank of Israel and includes direct military expenses, civilian expenditures, and revenue losses, but not the full extent of financial repercussions.

The report described the costs as a “heavy burden” and criticised the “failure” of the war effort, highlighting the need for substantial increases in Israel’s defence budget over the next decade.

The budgetary strain has sparked discussions within Israel, particularly on the reallocation of revenue from natural gas resources in the Mediterranean, which were originally intended for health care and education but now appears to be earmarked for defence spending.

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Costly defence upgrades

The report also mentioned a recent recommendation from the Nagel Committee, which suggested an additional 275 billion shekels ($74 billion) for defence over the next decade with annual increases of 27.5 billion shekels ($7 billion).

The committee proposed bolstering Israel’s multi-layered air defence systems, including the Iron Dome and newly operational laser systems alongside fortifying the Jordan Valley border with a heavily secured barrier.

The Israeli army has killed over 46,000 Palestinians, mostly women and children, in Gaza since a cross-border incursion by Hamas on October 7, 2023. The offensive has left the enclave in ruins and risk of famine is widespread.

-Source: AA

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