War on Gaza to cost Israel above $51bn, report says

Israel's war on Gaza will cost as much as 200bn shekels ($51bn), the Calcalist financial newspaper reported on Sunday, citing preliminary finance ministry figures.

The daily said the estimate, equal to 10 percent of gross domestic product, was premised on the war lasting between eight to 12 months; on it being limited to Gaza, without full participation by Lebanon's Hezbollah, Iran or Yemen; and on some 350,000 Israelis drafted as military reservists returning to work soon.

Calcalist said half of the cost would be in defence expenses that amount to some 1bn shekels a day. Another 40-60bn shekels would come from a loss of revenue, 17-20bn for compensation for businesses and 10-20 bn shekels for rehabilitation.