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Israeli media: the Israeli economy has lost roughly $1 bln

By Al Mayadeen English
Source: Al Mayadeen
17 Oct 2023 16:00

According to Maariv newspaper, there are financial losses that have not been assessed yet.

An Israeli policeman displays counterfeit 100 Israeli Shekel bills, July 7, 2013 (AP)

The Israeli newspaper Maariv revealed that "the Israeli economy seems to have already started paying a high price for the war."

11 days after the beginning of Operation Al-Aqsa Flood, the newspaper noted that "Israel" has suffered significant losses on the human, military, and economic levels, and the repercussions are worsening.

The newspaper estimates that the Israeli economy has lost 4.6 billion shekels (more than 1 billion dollars) due to decreased productivity in Israeli institutions.

According to a study by the Manufacturers Association in "Israel", the Israeli economy has already started paying a high price for the war due to the suspension of education institutes, road closures, and extensive stockpiling throughout "Israel".

"There is no doubt that the war constitutes a severe economic blow to the economy, and we will have to be strong and united to overcome the crisis," Dr. Ron Tomer, the head of the Manufacturers Association said.

"The Israeli industry, in particular, is currently suffering from a labor shortage due to the war... and the main problem lies in logistics services."

Overall, estimates indicate that about 1.3 million workers did not go to their jobs this week.

According to a study made by Israeli banks, "85% of workers in the southern region are absent from their jobs, along with about 20% in other parts of Israel, and only 25% of parents who had to stay home to care for their children can work from home."

According to Maariv, the estimates do not consider "additional and very significant financial damages, which will not be economically assessed until after the fighting ends, such as the direct damage to factories and the damage to profitability."

The report adds "indirect damages such as damage to reputation among foreign customers, the cancellation of deals, non-compliance with schedules, the depreciation of the shekel, and others, in addition to the damage resulting from decreased productivity."

A report by the New York Times revealed that "Israel" has requested $10 billion in emergency aid from the US in response to the Palestinian resistance operation.

Late on Monday night, it was reported that the White House is preparing a support package that includes aid for "Israel," along with assistance for Ukraine, funding for strengthening the US-Mexico border, and aid for Taiwan.

This follows a statement by the US Secretary of State Antony Blinken on Sunday, where he mentioned that Washington was reviewing Israeli appeals for extra military assistance to support its genocide in the Gaza Strip.

Last week, a US official informed Sputnik that a decision had not been reached in Washington regarding the inclusion of assistance for Ukraine and Taiwan in a supplementary funding request being prepared for submission to Congress to secure additional aid for "Israel."