Iranian missile attack caused billions of dollars in damage

According to the Israel Tax Authority, Iran’s recent missile attack on Israel caused an estimated loss of 150 to 200 billion shekels ($40 to 53 million) in private wealth. This makes it the most expensive attack since the war began a year ago.

About 2,500 claims were filed in the two weeks after the Oct. 1 attack, more than half of them for damage to homes and several businesses near north Tel Aviv.

One of the epicenters was the city of Hod Hasharon, where over 1,000 houses were damaged, according to insurance figures.

Another was a commercial and residential complex near Tel Aviv’s north coast, where dozens of apartments and a restaurant were hit. The rest of the damage was concentrated in other parts of central Israel, south of Tel Aviv, including an empty school. It is not clear how much damage was caused by direct hits and how much was caused by falling debris from intercepting missiles.

Damage to the Israeli air bases Tel Nof and Nevatim is not included in the calculations.

People stand around what appear to be remnants of a ballistic missile lying in the desert following an attack by Iran on Israel near the southern city of Arad, Israel, on October 2, 2024. (Source: AMIR COHEN/REUTERS)

The Israel Tax Authority said it had paid out 1.5 billion shekels in compensation for damaged property since October 7, 2023. It estimates that around another billion shekels in payouts are still outstanding, including for unclaimed damages, mostly in northern Israel.

About 60,000 Israelis had left their homes in the northern region last year when Israel’s war in Gaza began, and Hezbollah fighters based in Lebanon stepped up cross-border attacks in support of Hamas.

Hundreds of thousands of residents were also forced to evacuate southern Lebanon last month due to increasing fighting between Israel and the Iranian-backed Hezbollah.

Iran launched the ballistic missile attack on October 1 in retaliation for Israel’s killing of Hezbollah leader Hassan Nasrallah in Beirut and the killing of Hamas leader Ismail Haniyeh in Tehran. Both Hezbollah and Hamas are classified as terrorist organizations by the United States and the European Union.

The Oct. 1 attacks were Iran’s second direct attack on Israel, following an initial strike in April that involved 300 drones and 100 ballistic missiles.

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At this point, only four or five rockets penetrated Israel’s air defense shield. Reports from Israel suggest that Iran used advanced weapons this time and more of its missiles entered Israeli airspace. One person was killed near the West Bank city of Jericho, and some people were slightly injured elsewhere. More rockets increase the risk of debris hitting the ground and causing damage.

Israel plans retaliation

Arrow, Israel’s most advanced defense system, helped the country and its allies – including the United States – intercept the majority of around 200 rockets fired on October 1. The head of IAI, the Israeli manufacturer of Arrow, told Bloomberg that the system performed as expected.

However, Israeli officials declined to provide interception rates and the low number of casualties was also attributed to the wide availability of bomb shelters across the country.

Israel announced retaliation against Iran over the rocket fire and has discussed its options with the United States in recent weeks. The decision-making Security Cabinet met last week but has not yet voted on Israel’s response.

Israeli Defense Minister Yoav Gallant’s planned visit to Washington last week to meet with his US counterpart was postponed by order of Prime Minister Benjamin Netanyahu. The Prime Minister asked to first speak to US President Joe Biden and conclude domestic political talks.

As of Sunday afternoon, the Israeli security cabinet had not scheduled another meeting.

Biden has made it clear that he wants Israel to refrain from attacking Iran’s oil and nuclear facilities, which, if Israel agrees, would mean a choice between military targets or those otherwise linked to the Iranian regime. would let.

Gallant said last week that the attack would be powerful, precise and, above all, contain the element of surprise. “They won’t understand what happened and how it happened,” he said.

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