Latest news with #ZviEckstein
CNBC
01-07-2025
- Business
- CNBC
The cost of Israel's war with Iran
Zvi Eckstein, head of the Aaron Economic Policy Institute at Reichman University and former deputy governor of the Bank of Israel, speaks to CNBC about the cost of the Israel-Iran war.
India.com
22-06-2025
- Business
- India.com
Israel and Iran are spending huge amount of money in war, Israel has faced a massive loss of..., Iran has...
Israel-Iran War Update Financial impact of Israel-Iran war: After the Israel-Iran war started, both the countries have launched hundreds of missiles against each other, leading to massive casualties on both sides. Along with valuable lives, both the war-torn countries have also lost millions of dollars in the weapons they have used against each other. As per media reports, Israel and Iran are both facing massive daily financial losses from their ongoing conflict and here are all the details you need to know. According to a media report, Israel is spending approximately $200 million every day just to intercept Iranian missiles. In the first two days, Israel alone suffered an estimated $1.45 billion in damage to infrastructure and defense systems after Iranian attack. Another report said that Israel is spending around $725 million per day on the military strikes and rebuilding the damage may cost $ 400 million. On the other hand, a one-month war with Iran could cost Israel around $12 billion, as per a report by Zvi Eckstein, the head of the Aaron Institute for Economic Policy. Apart from the direct losses, Iran has also faced heavy losses in gas and oil production. Israel targets military sites, missile launchers in Iran As the war in Middle-east continuous, the Israeli Defense Forces (IDF) announced that the Israeli Air Force (IAF) began a series of strikes targeting military sites in western Iran following a missile attack conducted by Iran earlier that day. 'The IAF has begun a series of strikes towards military targets in western Iran,' the IDF posted on X. Iran launched more than 30 ballistic missiles at Israel on Sunday, the IDF had said earlier in the day. This came just hours after the United States carried out a military strike on three of Iran's nuclear facilities. According to emergency service Magen David Adom (MDA), at least 16 people have been injured in the latest missile barrage. One man in his 30s sustained moderate shrapnel wounds, while 15 others were lightly injured. (With inputs from agencies)
Al Manar
20-06-2025
- Business
- Al Manar
Israeli Economy Hit Hard by Iranian Missiles: Losses Estimated in Billions of Dollars
The confrontation with Iran has been imposing significant economic burdens on the Israeli regime, surging into the hundreds of millions of dollars per day, as reported by The Wall Street Journal, threatening Tel Aviv's ability to sustain a prolonged war. Zvi Eckstein, an Israeli economist, and head of the Aaron Institute for Economic Policy at Reichman University, confirmed that 'this war is far more expensive than Gaza or Hezbollah,' referring to the latest war on Lebanon between September and November 2024. He said: 'The ammunition- defensive and offensive- is the big expense.' The institute estimated that a month-long war could cost Israel as much as $12 billion. According to a June 15 report by the Israeli news outlet Ynet News, quoting a former financial adviser to the Israeli military's chief of staff, stated that the cost has exceeded 5.5 billion shekels (roughly $1.45 billion) for the first two days of confrontation with Iran alone. The economic losses mainly constitute of the Israeli attacks on Iran and the interception of Iranian missiles – attack and defense. Consequently, the financial toll from Iranian missile strikes increases accordingly. $14 billion in damage to Israel after morning attack Today's Iranian strike has already caused initial losses of $14 billion on the Tel Aviv Stock Exchange. Israel's main stock exchange index, with a total turnover of $475 billion, fell more than 3% – its biggest drop since the… — Sprinter Observer (@SprinterObserve) June 19, 2025 High-Tech Attack and Defense Systems According to Israeli economic advisers, Israel has been spending more than 2.75 billion shekels ($725 million) per day on direct military operations against Iran. Just jet fuel and armaments require a cost of almost $300 million each day. The Israeli Air Force has been actively launching F-35 fighter jets across distances exceeding 1,000 miles, costing roughly $10,000 per hour of flight. In terms of air defenses, David's Sling is one of Israeli key defense systems that intercepts short-to-medium range missiles and drones at a cost of approximately $700,000 per intercept, typically using two missiles per launch. Meanwhile, 'Arrow 3' system, operating beyond the atmosphere to counter long-range ballistic missiles, costs about 4$ million per interception. Its predecessor, 'Arrow 2,' designed for in-atmosphere interception, costs roughly $3 million per missile. Mounting Damage Drains the Israeli Economy Engineers has been estimating that reconstruction costs due to missile strikes will exceed $400 million as a result of the damage of hundreds of buildings, and the evacuation of more than 5,000 civilians. After being hit, the largest Israeli oil refinery in Haifa has been temporarily shut down, and work in several significant infrastructure sectors has been suspended. According to the Israeli public broadcaster 'Kan,' the Israeli regime will approve a payment of 500 shekels (approximately $145) for each settler whose home was destructed in the Iranian missile strikes, neglecting any compensation for owners of commercial properties. An Israeli economic journalist, Liel Keiser, also highlighted the destruction of around 1,500 homes and apartments over just 4 days of the Iranian missile strikes. She warned that the fund designated for property tax holds roughly 9.5 billion shekels and has been gradually depleted, imposing an emerging cause for concern.
Yahoo
01-06-2025
- Business
- Yahoo
Stanley Fischer, former Bank of Israel governor, passes away at 81
Fischer was praised for his transformative impact on Israel's economy and global monetary policy, especially during the global financial crisis of 2008. Stanley Fischer, former Governor of the Bank of Israel, passed away on Saturday at age 81. He held dual Israeli and American citizenship. Fischer served as Governor of the Bank of Israel from 2005 to 2013, and also served as Vice Chair of theFederal Reserve from 2014 to 2017, under the Obama administration. The Bank of Israel eulogized Fischer, writing, "Prof. Fischer made a decisive contributor to Israel's economy - both in his role as the IMF's representative to Israel in the 1980s, when he played a significant part in formulating the 1985 economic stabilization program, and during his tenure as Governor of the Bank, when he led a responsible economic policy during a challenging period that included the global financial crisis of 2008." Current Governor Prof Amir Yaron stated, 'The people of the Bank of Israel, past and present, and I bow our heads today in memory of Prof. Fischer, whose contribution to the Bank of Israel and the advancement of Israel's economy was decisive. We share in the family's deep sorrow. May his memory be a blessing.' Prof. Zvi Eckstein, head of the Aaron Institute for Economic Policy at Reichman University and former Deputy Governor of the Bank of Israel, commented on Fischer's passing, calling him a "visionary." 'Stanley Fischer was one of the greatest economists of our generation: a visionary, a guiding teacher, and an exemplary figure in public service. I had the privilege of working alongside him for about five years at the Bank of Israel." "I saw firsthand his tremendous contribution to shaping Israel's economy and to the historic legislation that enshrined the independence of the Bank of Israel. Beyond that, he was a brilliant scholar whose understanding of the dynamics of monetary policy and its impact through long-term contracts transformed economic thinking worldwide. May his memory be blessed, and may his contribution remain engraved in our hearts and our professional thinking," Eckstein wrote.
