Initial Estimate: The Cost of the Gaza War for Israel is 'About $51 Billion'

The Israeli newspaper Calcalist reported on Sunday, citing preliminary statistics from the Israeli Ministry of Finance, that the war between Israel and Hamas in the Gaza Strip will cost over 200 billion shekels (about $51 billion). Calcalist, which publishes economic news, stated that this estimate is based on a war lasting between 8 to 12 months. The estimated amount is equivalent to 10% of Israel's GDP. According to Reuters, another condition for this estimate is that the war remains limited to Gaza and does not involve full participation from Hezbollah in Lebanon, the Islamic Republic of Iran, or the Houthis in Yemen, and that about 350,000 Israelis who have been called up as reserve soldiers return to work soon. The Israeli army launched an attack on Gaza following Hamas's attack on October 7, which resulted in the deaths of 1,400 people in Israel, aiming to eliminate Hamas's military capabilities. The U.S., European Union, Japan, and Israel have listed Hamas as a terrorist organization. Calcalist described the Israeli Ministry of Finance's estimate as an 'optimistic' one. However, the ministry stated that it does not confirm Calcalist's data. Last Thursday, Israeli Prime Minister Benjamin Netanyahu stated that the country is committed to assisting all those affected by the war. Blinken emphasized the 'U.S. commitment to delivering humanitarian aid to civilians in Gaza' during a meeting with Abbas. Netanyahu, who had mentioned the option of nuclear bombing of Gaza, was suspended from attending cabinet meetings.