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Israel’s economy could take a hit of more than 9 billion shekels ($3 billion) a week as the air war with Iran forces nationwide closures and restrictions, the finance ministry said on March 4.

The joint Israeli-US attacks on Iran began on February 28, triggering a wave of retaliatory strikes across the region and disrupting energy exports from the Gulf. US and Israeli officials say the offensive could last weeks.

Under current “red” restrictions imposed by the Home Front Command, which include school closures, limits on travel to work and the mobilisation of reserve forces, weekly losses are estimated at 9.4 billion shekels, starting from next week.

The ministry has asked the Home Front Command to shift to “orange” restrictions, a less severe level that allows limited workplace activity. Under this scenario, economic losses would fall to about 4.3 billion shekels ($1.4 billion) a week.
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Hezbollah launches rockets at northern Israel in retaliation for Israeli air strikes that killed at least 12 people, escalating a conflict that has already left thousands dead across Lebanon

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