War set to cost Israel $3 billion a week if current limits on economy persist, ministry warns
The cost to Israel’s economy from the war with Iran is estimated to reach NIS 9.4 billion ($3 billion) a week, if nationwide restrictions on economic activity remain in place, the Finance Ministry warned on Wednesday.
In a letter sent to Home Front Command chief Maj. Gen. Shai Klapper on Wednesday, Finance Ministry Director General Ilan Rom asked to ease restrictions to allow for a gradual, partial reopening of businesses and workplaces as early as Thursday. The IDF Home Front Command declined to comment when contacted by The Times of Israel.
“There is no dispute about the need to preserve a defense policy adapted to the security situation, but at the same time, shutting down the economy on a broad scale carries heavy economic costs,” Rom cautioned.
“We need a solution that addresses both the security needs of the Home Front and the needs of the economy, after two and a half years in which the economy has been paying a heavy economic price in light of the increase in security needs and the repercussions of the [Hamas] war,” he said.
After Israel and the US jointly launched an offensive against Iran on Saturday, prompting retaliatory missile fire from the Islamic Republic, the IDF’s Home Front Command issued nationwide guidelines that prohibit all gatherings, educational activities, and workplaces, except for essential businesses. The guidelines limit travel to work and force employees to work from home, while schools remain shut. [Continue reading…]