War Damage To Israel's North Tops $1.3 Billion
Ryan R. Jones - All Headline News Middle East Correspondent Jerusalem, Israel (AHN) - A month of Hezbollah rocket attacks has resulted in over $1.3 billion in direct and indirect damage to the communities of northern Israel, according to the latest estimates published by the treasury. That figures includes structural damage to infrastructure, public buildings and homes, as well as lost income resulting from some one million residents closing businesses and either fleeing the area or hiding in bomb shelters day and night. It is much higher than previous estimates due to the government's inability to fully assess the damage until Hezbollah rockets had stopped raining down on northern Israel. According to Ha'aretz, Israel's Tax Authority has a compensation fund of only $800 million, meaning the treasury will have to come up with approximately $575 million to get the north back on its feet. As a result of the military's apparent lack of preparedness and inability to more speedily deal with the Hezbollah threat, the Defense Ministry has also requested an additional $1.6 billion in funding over the next two years. Economic reforms enacted by former Finance Minister Binyamin Netanyahu have provided the treasury with surplus revenue that it is believed will fully cover the unexpected costs of war.
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