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Investing.com -- Israel has calculated the cost of damages from its 12-day war with Iran at 10 billion shekels ($3 billion), according to estimates shared by the Israeli finance ministry and tax authority this week.
The funds will be needed to repair missile-damaged buildings and compensate local businesses affected during the conflict. The damage assessment reveals the extent to which Iranian rockets penetrated Israel’s defense systems during the nearly two-week period of attacks.
Shay Aharonovich, director general of Israel’s Tax Authority who oversees compensation payments, called the situation unprecedented. "This is the greatest challenge we’ve faced — there has never been this amount of damage in Israel’s history," Aharonovich told reporters.
The $3 billion figure excludes costs related to replacing weapons and defense systems used during the campaign. When these additional expenses are factored in, the total war cost could be substantially higher.
Finance Minister Bezalel Smotrich stated at a press conference that the complete war expenses might reach as high as $12 billion. Bank of Israel Governor Amir Yaron provided a more moderate estimate of approximately $6 billion when speaking to Bloomberg TV on Wednesday.
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