Israel’s war on Gaza has imposed a staggering economic toll, with costs estimated at 250 billion shekels ($67.57 billion) by the end of 2024, sparking intense debates over defense spending priorities.
The economic toll of Israel’s ongoing war on Gaza reached approximately 250 billion shekels ($67.57 billion) by the end of 2024, according to a report cited by the Anadolu news agency.
The Israeli business newspaper Calcalist released the figure 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 said.
Economic toll of Israel's ongoing war on Gaza reached approximately 250 billion shekels ($67.57 billion) by the end of 2024, Bank of Israel estimates https://t.co/xHrR2J77kA pic.twitter.com/FxfdowQJSP
— Anadolu English (@anadoluagency) January 11, 2025
The Israeli report described the costs as a “heavy burden” and criticized the “failure” of the war effort, highlighting the need for substantial increases in Israel’s defense budget over the next decade, Anadolu reported.
It said 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 defense spending.”
Additional Defense Allocations
The report also mentioned a recent recommendation from 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.
Israeli economic newspaper Calcalist: The cost of Israel's war in Gaza is about 250 billion shekels ($67.57 billion) through 2024, and that figure includes only direct security costs, major civilian expenses, and revenue losses incurred by the Israeli government, and does not… pic.twitter.com/Wwj81OZqh4
— Sprinter Observer (@SprinterObserve) January 11, 2025
The committee “proposed bolstering Israel’s multi-layered air defense systems, including the Iron Dome and newly operational laser systems alongside fortifying the Jordan Valley border with a heavily secured barrier,” the Anadolu report added.
Ongoing Genocide
The ongoing Israeli assault on the Gaza Strip, which began on October 7, 2023, has led to a humanitarian crisis of unprecedented scale. As the death toll among besieged and starved Palestinian civilians continues to rise daily, Israel is currently facing charges of genocide against Palestinians before the International Court of Justice (ICJ).
According to Gaza’s Ministry of Health, at least 46,537 Palestinians have been killed, and 109,571 wounded in Israel’s ongoing genocide in Gaza starting on October 7, 2023.
At least 10 Palestinians killed in Israeli airstrikes today, including two children and two women. The ongoing violence in Gaza has claimed over 46,000 lives. Rescue efforts are hindered as Civil Defense teams are targeted by Israeli forces. #Gaza #PalestinianLives… pic.twitter.com/dRTwIXczUr
— The Palestine Chronicle (@PalestineChron) January 11, 2025
The toll is expected to rise further, with at least 11,000 people still unaccounted for, presumed dead under the rubble of their homes across Gaza.
The war, which Palestinians call “Operation Al-Aqsa Flood,” began after a military operation carried out by Hamas on Israeli territory. Israel reports that 1,139 of its soldiers and civilians were killed during the initial attack on October 7. However, Israeli media have raised concerns that a significant number of Israeli casualties were caused by ‘friendly fire’ during the assault.
Millions Displaced
Human rights organizations, both Palestinian and international, have reported that the overwhelming majority of the casualties in Gaza are women and children. The ongoing violence has also exacerbated an acute famine, with thousands of children among the dead, highlighting the severity of the humanitarian disaster.
The war has displaced nearly two million people from their homes across Gaza, with the majority of the displaced forced into the already overcrowded southern region of the Strip. The population in Gaza remains trapped in the ongoing conflict, with little access to basic necessities such as food, water, and medical care.
(Anadolu, PC)
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