In May 2024, before the Israeli army shifted the focus of the war to Lebanon and before the two rounds of fighting with Iran, the Bank of Israel estimated that the war would cost 250 billion shekels, or around $83.6 billion. One particularly interesting element of that assessment was a forecast that the war would reduce cumulative state tax revenues by 40 billion shekels. At the time, that sounded reasonable, given the extensive mobilization of reservists, the large number of evacuees and the decline in activity among many businesses.
