The head of the local authority in the "Eilat" settlement, Eli Lancry, said on Thursday that the settlement is "collapsing," stressing that the settlement "is not expected to receive compensation" amid a widespread feeling of abandonment by settlers.

Lancry added, in a statement to Israeli Channel 12, that "there is no tourism in Eilat, as no one has the desire to come here," stressing that "Eilat" has become a "moribund" settlement.

The head authority also pointed out that the number of settlers there had "doubled after their evacuation from the North and South," but the Yemeni armed forces "are escalating their operations day after day, and the threat is no longer only security, but also economic."

Lancry stressed that "Eilat is in a severe crisis, with hundreds of businesses closed," while "unemployment rates have risen dramatically, as 80% of businesses are suffering a severe blow."

It is important to know that "Eilat" is the name of the Israeli occupation's settlement built on the ruins of the ethnically cleansed Palestinian village of Umm al-Rashrash.

'Israel' eyes stabilizing staggering economy by pumping from reserves

Recent data reveal that the Israeli occupation government has issued over $5 billion dollars in bonds over the last few weeks, seeking to allegedly stabilize its economy, but most importantly, finance its ongoing genocide in the Gaza Strip and its war crimes in the West Bank.

A recent report by the Atlantic Council indicated that "Israel" has offered a significantly higher yield on these bonds, compared to what was offered in recent months. This shows that investors have sought a premium due to "the perceived risk that the war in the Strip and along other fronts could worsen and their payments might be in jeopardy."

Following the launch of Operation Al-Aqsa Flood, investors began selling off the Israeli shekel, causing a significant drop in its value, which forced the "Bank of Israel" to commit thirty billion dollars in reserves, a number they suggested is prone to increase to 45 billion, hoping to stabilize the economy.

In a separate but related context, the CEO of "Eilat" Port, Gideon Golber, spoke to GLZ, an Israeli occupation army radio channel, saying that from the moment Ansar Allah blocked Bab al-Mandeb Strait, "the port's activity volume decreased by almost 95%."

Golber also underscored, according to Reuters, that without Bab al-Mandeb, "you close the main shipping artery to Eilat Port."

When asked about Operation Prosperity Guardian, the US-led naval coalition seeking to reopen Bab al-Mandeb by breaching Yemeni sovereignty, Gobler said, "If God forbid, the coalition countries and Israel lag in finding a solution for the Houthis, unfortunately, we will likely have to furlough workers."

Read more: Islamic Resistance in Iraq claims responsibility for targeting "Eilat"