Riyadh Air to Purchase ‘Narrowbody’ Jets in Coming Weeks

Riyadh Air to Purchase ‘Narrowbody’ Jets in Coming Weeks

Report: War with Hamas to Cost Israel Over $50 Bln

A Palestinian woman collects tree branches amid a shortage of fuel and cooking gas in Khan Yunis in the southern Gaza Strip as the conflict continues between Israel and Hamas. (Reuters)

Israel's war in the Gaza Strip will cost as much as 200 billion shekels ($51 billion), the Calcalist financial newspaper reported on Sunday, citing preliminary Finance Ministry figures.

The daily said the estimate, equal to 10% of gross domestic product, was premised on the war lasting between eight to 12 months; on it being limited to Gaza, without full participation by Lebanon's Hezbollah, Iran, or Yemen; and on some 350,000 Israelis drafted as military reservists returning to work soon.

Calcalist said half of the cost would be in defense expenses that amount to some 1 billion shekels a day. Another 40-60 billion shekels would come from a loss of revenue, 17-20 billion for compensation for businesses, and 10-20 billion shekels for rehabilitation.

Finance Minister Bezalel Smotrich has previously said Israel's government was preparing an economic aid package for those impacted by Palestinian attacks that will be "bigger and broader" than during the COVID-19 pandemic.

On Thursday, Prime Minister Benjamin Netanyahu said the state was committed