‘Heavy Burden’ – Israel’s Costs of Gaza War Exceed $67 Billion 

Israeli army tanks stationed in Gaza. (Photo: via QNN)

By Palestine Chronicle Staff  

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.

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.

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.

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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3 Comments

  1. The problem with the financial costs of the war is Israel is not paying for it: the US is and Americans are not getting the education, food, housing and infrastructure we need. Mentioned is the gas deposits in the Mediterranean but most of it belongs to the Palestinians who are being robbed of that resource, a resource they could have and should have been able to develop for their own betterment. When will Isreal be held accountable for its intentional devestation of the Gazan people.

  2. Whilst Israel may, typically, measure the cost of their genocidal war on Gaza in terms of shekels, Palestinians have to measure the cost in terms of human lives.
    By their actions on October 7th, not only did Hamas throw a political lifeline to Netanyahu, they gave him and his fellow neo-Nazis the very excuse they had been waiting for to carry out the Zionist Project’s Final Solution. That is, the genocide and expulsion of Palestinians and an end to any prospect of a two state solution (something that Israel has NEVER wanted). Hamas and its associates made a catastrophic error of judgement that has had far more tragic consequences for Palestinians and their future than for Israelis.

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