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News18
3 hours ago
- Business
- News18
Billions & Counting: How Much Are Gaza, Iran Wars Costing Israel? Explained
Last Updated: Apart from the billions in direct military spending, the two wars are affecting Israel's economic productivity, straining state resources and triggering national concerns Israel is facing an unprecedented period of conflict – first, the prolonged military operations in Gaza and then the recent escalation with Iran. Apart from the billions in direct military spending, the two wars are affecting economic productivity, straining state resources and triggering national concerns on long-term fiscal planning. THE COST OF GAZA WAR The cumulative cost of the Gaza war reached 250 billion shekels (over $67.5 billion) by the end of 2024, according to a January report by Israeli business outlet Calcalist. This figure only accounts for military operations, civilian expenditures, and revenue losses. THE COST OF IRAN WAR The war with Iran is costing the nation almost $725 million a day for military costs alone, revealed Brig. Gen. (res.) Re'em Aminach, a former senior defense officer and financial consultant to the IDF chief of staff, reported Ynet News. Aminach estimated that the first 48 hours of fighting cost about 5.5 billion shekels (roughly $1.45 billion), split evenly between offensive and defensive actions. Israel's attack alone is said to have cost around 2.25 billion shekels ($593 million). These are considered only direct military costs, with indirect economic damage yet to be measured. Meanwhile, according to an economist advising the government, just the direct cost of jet fuel and munitions involved in the campaign against Iran is estimated at around $300 million per day. Other experts have calculated that the daily cost of the Iran war is closer to 2.75 billion shekels ($725 million). HOW IS ISRAEL MANAGING THE BUDGET? The Israeli Finance Ministry set a deficit ceiling of 4.9 per cent of GDP for the fiscal year, equating to approximately 105 billion shekels ($27.6 billion). While the government had included an emergency reserve, much of it had already been depleted by the war in Gaza. Despite a recent increase in projected tax revenues — from 517.1 billion to 538.6 billion shekels — the state's 2025 growth forecast was revised downward from 4.3 per cent to 3.6 per cent, largely due to the continuation of reserve call-ups. According to the Arab Center Washington DC, reservist mobilisation has been one of the war's major financial drains. In the early stages of the Gaza war, the government recalled around 300,000 reservists. The Israeli Ministry of Finance estimated that each day involving 100,000 reservists costs the state about 70 million shekels in wages, with actual total costs closer to 100 million shekels daily after including food and shelter. Additionally, the loss of economic output from workers pulled out of the civilian workforce contributed to another estimated 100 million shekels in indirect costs per day. The Israeli Tax Authority's Compensation Fund disbursed 2.4 billion shekels from January through May 2025 to cover civilian property damage. Net withdrawals reached 3 billion shekels during this period. Although these funds are not reflected in the official fiscal deficit due to controversial accounting methods, they are counted as public debt and contribute to the broader economic burden. To accommodate the increased military demands, defence spending has soared. The Israeli Ministry of Defence's 2023 budget stood at 60 billion shekels. For 2024, it was raised to 99 billion, and 2025 projections suggest it could reach 118 billion shekels — nearly double the pre-war figure. Analysts expect the security budget to absorb around 7 per cent of GDP in 2024, a share second only to Ukraine globally. THE IMPACT ON ISRAEL Shachar Turjeman, president of the Federation of Israeli Chambers of Commerce, warned in a letter to Economy and Industry Minister Nir Barkat that business closures during the state of emergency could lead to massive layoffs, reported The Jerusalem Post. Barkat responded by noting that he had met with business leaders to create joint solutions and highlighted the need to provide conditions that allow the economy 'to continue to function even in an emergency". The sustained cost of warfare has led to heated discussions about redirecting revenues from natural gas resources — previously intended for healthcare and education — to military uses. With Agency Inputs Get Latest Updates on Movies, Breaking News On India, World, Live Cricket Scores, And Stock Market Updates. Also Download the News18 App to stay updated! tags : israel Israel Iran tension Location : New Delhi, India, India First Published: June 17, 2025, 19:03 IST News explainers Billions & Counting: How Much Are Gaza, Iran Wars Costing Israel? Explained
Time of India
a day ago
- Business
- Time of India
Israel bleeds $1 billion a day in war with Iran as former defense chief issues dire financial warning
Israel's escalating conflict with Iran is draining the nation's resources, with daily military costs reaching approximately $725 million. The initial days of combat saw expenses soar to $1.45 billion, covering both offensive operations and defensive measures. This financial strain has prompted a downward revision of Israel's economic growth forecast for 2025. In this photo released by the Iranian Red Crescent Society rescuers work at the scene of an explosion after an Israeli strike in Tehran, Iran, Friday, June 13, 2025. (Iranian Red Crescent Society via AP) Tired of too many ads? Remove Ads Skyrocketing Costs of Israel-Iran War Revealed Israel's Growth Forecasts Slashed as War Drags On FAQs Tired of too many ads? Remove Ads As Israel's conflict with Iran heats up, the war is costing the nation almost $725 million a day for military costs alone, revealed Brig. Gen. (res.) Re'em Aminach, a former senior defense officer and financial consultant to the IDF chief of staff, reported Ynet disclosed that Israel spent about $1.45 billion dollars in merely the initial two days of combat, this includes offensive expenses, such as Israel's initial attack on Iran, that included flight hours and munitions which cost $593 million and the rest of the amount was spent on defensive expenses such as missiles interception systems and mobilization of reserve troops, as per the report. While, his estimated calculation excludes damage to civilian property and broader economic fallout, according to Ynet highlighted that 'These are direct costs only,' adding, 'The indirect costs — including impact on gross domestic product — cannot be measured at this stage,' quoted Ynet finance ministry had already set a deficit ceiling of 4.9% of GDP for the current fiscal year, which is about $27.6 billion, reported Ynet News. Even though the country's budget includes an emergency reserve, most of it was already used during the war in Gaza, and does not account for the ongoing conflict with Iran, as per the report. The ongoing war has led to a downward revision in the Israel's economic outlook as the ministry reduced its 2025 growth forecast to 3.6% from 4.3%, rpeorted Ynet that's the current estimate, and it only covers direct military expenses like missiles, jets, fuel, and deploying government has already lowered its growth forecast for 2025, as per Ynet News report.
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First Post
3 days ago
- Health
- First Post
Israeli hospitals shift wards to the parking lots as the country navigates through Iranian attacks
Hospitals in Israel have taken several emergency measures and shifted certain wards to underground parking lots as the country deals with the Iranian missile attacks read more Hospitals in Israel relocated some of their wards to underground parking areas after Iran unleashed a massive missile attack over Israeli territory. On Friday evening, , including the country's capital, Tel Aviv. While Israel's world-class Iron Dome managed to intercept most of the Iranian missiles, one of them hit a residential building in Tel Aviv, killing three people and injuring 20 others. As fears of conflict escalation grow in both countries, several hospitals in Israel have relocated their wards to the underground parking areas. STORY CONTINUES BELOW THIS AD Israeli hospitals relocated some wards to their underground parking areas in the wake of Israel's strikes on Iran and Iran's retaliation — Reuters (@Reuters) June 13, 2025 According to the visuals obtained by Reuters, Israelis were seen creating make-shift hospitals inside parking lots, in a bid to remain prepared in case of emergency. Not only this, but ICU buses were used to move patients to the shelters during Iran's overnight strike on Israeli territories. 'Prepare for the worst' Hospitals across Israel have gone into emergency mode, moving operations underground as the country braces for further escalation of the conflict. According to Ynet News, at around 3 am (local time), air raid sirens echoed across Israel, warning of a possible Iranian response . Within minutes, hospital directors mobilised staff, transferred patients to fortified areas, and discharged those stable enough to go home. A spokesperson for Sheba Medical Centre told the Israeli news outlet that the hospital began its emergency relocation with the children's ward. 'We are moving them to the underground facility that we have had before under the maternity wing,' the spokesperson said. Throught Friday, the centre continued relocating patients to protected areas beneath its orthopaedic and cardiac units. 'Piece by piece, phase by phase, the hospital is being moved underground,' the spokesperson said. 'The general intensive care unit is already protected, as is the operating room, and the hospital continues to operate as usual," he added. Other hospitals across the country also reported emergency shifts from the northern border to Israel's southern regions. Rambam Health Care Campus in Haifa announced that its underground parking lot had been closed to vehicles as part of the national response plan. Its emergency room, however, remained open and fully operational, Ynet News reported. STORY CONTINUES BELOW THIS AD Across the country, the public has been asked not to visit unless they have urgent medical needs. Some hospitals noted that all ambulatory services had been cancelled and that existing appointments would be rescheduled. 'The public is asked not to come to the hospital unless it is a medical emergency,' said Ohad Hochman, head of Bnai Zion Medical Centre. Overall, Israel is preparing itself for any form of escalation from Iran or any of its adversaries. With inputs from agencies.
Yahoo
4 days ago
- Politics
- Yahoo
Iran retaliates by launching 'hundreds' of missiles towards Israel, injuring at least 7
Editor's note: This is a breaking story and is being updated. Iran launched 'hundreds' of ballistic missiles towards Israel late on June 13, Iranian state media reported, as Tehran continues it retaliatory attacks in response to Israel's strikes on Iran's nuclear program. At least seven people were injured near the city Tel Aviv as a result of the attack. The drone attack follows heavy air strikes launched by Israel against Iran, targeting the country's nuclear program and reportedly killing Hossein Salami, the commander-in-chief of the Islamic Revolutionary Guard Corps (IRGC), and other top officials. Earlier in the day, Iran launched over 100 drones against Israel, all of which were intercepted outside of Israeli airspace, Ynet News reported on June 13, citing an Israeli military spokesperson. Read also: Israel-Iran war could provide economic boost Russia needs to continue fight against Ukraine We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Time of India
4 days ago
- Politics
- Time of India
Israel–Iran War: Did Israel level Iran's main Natanz nuclear facility? Here's what reports say
While, Israel's military claimed that it carried out a decisive strike and destroyed Iran's Natanz nuclear facility , Iran's important uranium hub for its nuclear ambitions, but the Iranian officials have denied that the facility suffered casualties or contamination despite the attack, as per a report. What Happened at Natanz? The Israel Defense Forces (IDF) has emphasised Israel's attack on Iran was the most significant operation in Israel's history, and explained that it was an intended campaign aimed at neutralising a grave existential threat of Iran's nuclear power, as per Ynet News. Israel's Operation Rising Lion, which was launched on June 13, targeted Iran's underground nuclear complex at Natanz, along with targeted assassinations of senior Iranian military and nuclear personnel, according to the report. Ynet News reported that the International Atomic Energy Agency Director General, Rafael Grossi, told the president of Israel, Isaac Herzog, that the Natanz facility sustained serious damage. Why Did Israel Strike? A senior IDF officer revealed that 'this was not a tactical strike or a limited operation—this is war,' adding, 'The Air Force carried out a historic preemptive strike 1,500 kilometers from home, at the most sensitive time,' quoted Ynet News. Live Events How Has Iran Responded? However, Iranian officials have dismissed Israel's claims that the Natanz facility was destroyed, as per the report. Deputy defense minister for law enforcement in Isfahan province, Akbar Salihi, said, 'Despite the attack, there were no injuries at the Natanz nuclear site,' quoted Ynet News. While, the Atomic Energy Organization of Iran also highlighted that there was no leakage of radioactive or chemical material and also said that all employees were safe, according to the report. Iran's military officials have warned that the country continues to retain missile launch capabilities and asked the public to follow Home Front Command guidelines, reported Ynet News. FAQs What is Natanz and why does it matter? Natanz is Iran's main uranium enrichment site, key to its nuclear program, as per reports. Did Israel really fly 1,500 km to do this? Yes. IDF sources say fighter jets flew over 1,500 kilometers, making this one of the most daring aerial operations in years.
