"Israel" has reported financial losses amounting to $67 billion as a result of its ongoing genocidal war on Gaza, the Middle East Monitor (MEMO) news website mentioned on Saturday.

It highlighted that this figure includes $34 billion in direct military expenses and $40 billion in general budget losses, marking the largest economic setback in the Israeli occupation's history.

Over the past year, approximately 60,000 Israeli businesses have shut down, representing a 50% increase compared to 2023, the news website said. It added that the Israeli tourism sector has also suffered significantly, with a 70% decline in visitors leading to losses exceeding $5 billion.

Meanwhile, the construction industry reported losses of $4 billion, with more than 70 companies ceasing operations, according to MEMO.

Additionally, data revealed that one-third of the population under Israeli occupation now lives below the poverty line, with a quarter experiencing food insecurity.

The news website emphasized that these figures were disclosed just hours before a prisoner exchange and a ceasefire agreement was reached with the Palestinian Resistance Gaza.

According to the Israeli Ministry of Finance, "Israel" incurred financial losses of approximately 125 billion shekels (around $34.09 billion) since the war on Gaza began on October 7, 2023.

The ministry also reported a budget deficit of 19.2 billion shekels ($5.2 billion) for December, primarily due to increased expenditures related to "Israel's" wars on Gaza and Lebanon.

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MEMO noted that these numbers represent the direct financial costs of the war and do not account for the broader economic and social repercussions affecting various sectors of life under the occupation.

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'Heavy burden'

Last week, the Israeli economic newspaper Calcalist also reported that the economic impact of "Israel's" ongoing war on the Gaza Strip has reached approximately 250 billion shekels ($67.57 billion) by the end of 2024.

The report reflects estimates by the Bank of Israel and encompasses direct military expenditures, civilian spending, and revenue losses but does not account for the full scope of the war's financial consequences.

Describing the costs as a “heavy burden”, the report criticized the war effort as a “failure” and emphasized the need for substantial increases in "Israel’s" defense budget over the next decade.

This financial strain has sparked internal debates in "Israel", particularly concerning the reallocation of revenues from natural gas resources in the Mediterranean. Initially earmarked for healthcare and education, these funds now appear to be directed toward defense spending.

Additionally, the report highlighted recommendations from the Nagel Committee, which called for an additional 275 billion shekels ($74 billion) in defense funding over the next decade, with annual increases of 27.5 billion shekels ($7 billion).

The projected budget adjustments include investments in purchasing additional planes, helicopters, armored personnel carriers, large quantities of weapons and ammunition, and enhancing the capabilities of Israeli soldiers, Calcalist noted.

It further pointed out that the Israeli military's failure in Gaza "was not limited to financial losses only, but also included large human losses, with the number of dead and wounded rising, in addition to the suffering of the families and relatives of the wounded, who suffered psychological and mental effects as a result of this war."

Read more: 'Israel' failed to achieve its aggressive goals in Gaza: Hamas