Israel economy to lose $11.7 billion if Iran attacked

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An aerial view of Tel Aviv, capital of Israel.

Israeli economy may suffer an estimated $11.7 billion in shape of economic damages if it attacks Iran and wages a war with the Islamic Republic, a report said on Tuesday.

The conflict could also cost the Israeli economy an additional $5.96 billion annually over the following five years, according to the study by BDI-Coface, a business and credit information company based in Bnei Brak, outside Tel Aviv.

The report’s assessments were derived in part by using figures of the economic damage caused to the northern third of Israel during the conflict with Lebanon’s Hezbollah movement in 2006, and estimating the effect that comparable Iranian missile attacks would have on the country.

Prime Minister Benjamin Netanyahu told visiting US Defence Secretary Leon Panetta on 1 August that time “is running out” for a peaceful solution to Iran’s nuclear programme. Iranian Defense Minister Ahmad Vahidi said his country would have a “crushing response” to any attack by Israel.

US officials have been urging caution. Panetta told reporters last week that the “window is still open” to resolving the dispute through diplomacy.

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