Israel’s tax authority says billions of shekels-worth of damage were caused by Iran’s massive ballistic missile attack earlier this month, impacting thousands of homes and business properties.
By World Israel News Staff
The ballistic missile attack launched by Iran against Israel on October 1, 2024, resulted in an estimated 1.5 billion to 2.5 billion shekels ($40 million to $67 million) in damage to private property, making it the most expensive assault since the start of the ongoing conflict, according to the Israeli Tax Authority, The Jerusalem Post reported Monday.
The attack heavily impacted residential and commercial areas near northern Tel Aviv.
Within two weeks of the strike, around 2,500 claims for compensation were submitted, with over half involving damage to apartments and several businesses.
One of the most affected locations was Hod Hasharon, where over 1,000 homes sustained damage.
A coastal commercial and residential complex north of Tel Aviv also suffered significant hits, damaging multiple apartments and a restaurant.
Additional damages were reported in other areas south of Tel Aviv, including an unoccupied school.
The Israeli Tax Authority stated it has already paid 1.5 billion shekels in compensation for property losses since October 7, 2023. However, it estimates that an additional 1 billion shekels in claims are still pending, primarily for damages in the northern region that have not yet been formally reported.
The attack followed increased tensions across the region. Around 60,000 Israelis evacuated their homes in northern Israel over the past year due to cross-border strikes from Hezbollah, the Iran-backed terrorist group based in Lebanon, in support of Hamas.
The recent escalation in fighting has also prompted hundreds of thousands of Lebanese residents to flee southern Lebanon.
Iran claimed the October 1 missile strike was retaliation for Israel’s assassinations of Hezbollah leader Hassan Nasrallah in Beirut and Hamas leader Ismail Haniyeh in Tehran.
Nearly 200 ballistic missiles were launched in the attack, with most of the projectiles either being shot down or landing in open spaces.
The October attack marked Iran’s second direct assault on Israel this year, following a large-scale attack in April involving 300 drones and over 100 ballistic missiles. While Israel’s air defenses intercepted most of the missiles in the earlier attack, reports indicate that Iran employed more advanced weapons in the latest strike, resulting in greater penetration of Israeli airspace.
The ballistic missile strike left one person dead near Jericho in the Palestinian Authority, with several others suffering minor injuries. Damage assessments remain ongoing, but the calculations exclude potential losses at key Israeli Air Force bases, including Tel Nof and Nevatim.