ALBAWABA - The Iranian missile strike on Israel, which was launched on October 1st, has reportedly left an extent of damage that is considerable, with losses to property estimated to be between $40 and $53 million, Israeli media Ynet reports.
Several areas around Israel have been affected by this strike, which has been acknowledged by the Property Tax Authority as being the most significant missile damage to Israel since the beginning of the ongoing war.
According to Ynet, one of the sites that has been severely impacted is a high-end house development, which includes more than 150 residences, a high-end restaurant, and a number of stores, located in the northern part of Tel Aviv, where the damage is estimated to be more than $13 million.
Significant damage occurred as well in the city of Hod Hasharon, which is situated to the north of Tel Aviv. The damages faced by a single structure alone amounted to more than 10 million shekels (~$2.6 million).
The total direct damage to property resulting from missile and drone strikes by both Iran and Lebanon, now stands at an estimated $400 million, with damage to military facilities, which fall under the Ministry of Defense’s budget, excluded from the figures.
Although there has been a significant financial cost to the attack, there has also been a wider monetary repercussion on the Israeli economy. According to the Central Bureau of Statistics, the conflict caused Israel's economic performance to plummet in the second quarter.
While investment and tourism have sharply decreased, military expenditure has increased. Government finances are also being strained by the expenses associated with evacuations and reserve troops, with economical consequences only expected to deepen as the year-long war drags on.
