Ongoing Israeli Attacks for 15 Months Result in $18.5 Billion Loss in Gaza
Gaza ( Web News )
The ongoing conflict between Hamas and Israel in Gaza, which has been raging for 15 months, is set to end with a ceasefire on Sunday. The Israeli government has approved a new agreement for a ceasefire and the release of hostages, paving the way for its implementation starting Sunday. The prolonged fighting has had devastating effects on the coastal Palestinian region.
According to a BBC report, Hamas’s attack on October 7, 2023, resulted in 1,200 Israeli deaths and 251 hostages being taken. Over 46,600 Palestinians have been killed in Israel’s ongoing attacks on Gaza for the past 15 months. The Israeli attacks have destroyed Gaza’s infrastructure, and a large portion of the Palestinian population has been displaced.
The United Nations Conference on Trade and Development (UNCTAD) has estimated the damages at $18.5 billion, which is nearly seven times the Gross Domestic Product (GDP) of Gaza in 2022. In October, the organization warned that even after the ceasefire, it would take 350 years to restore Gaza’s economy to 2022 levels unless it could develop more rapidly under the economic and mobility restrictions imposed since 2007.
Meanwhile, the World Bank has reported an 86% decline in Gaza’s economy in the first quarter of 2024, calling it “the largest economic decline on record.” According to the Integrated Food Security Phase Classification (IPC), which is responsible for declaring famine, nearly 1.8 million people in Gaza are facing severe food insecurity, with approximately 133,000 people experiencing catastrophic food insecurity.
The report further states that nearly 100% of the population is now living in poverty, compared to 64% before the war, with prices of essential goods rising by approximately 250%. The IPC’s forecast for the period from September 2024 to August 2025 warns that the level of extreme food insecurity will be ten times higher than before the war. Even before the current conflict, nearly 80% of Gaza’s population required humanitarian aid.
In addition to the massive loss of life, the United Nations Environmental Programme (UNEP) has warned that recovery from the destruction in Gaza will take considerable time. The report describes Gaza’s water and sanitation systems as “almost entirely nonfunctional,” with increasing waste around camps and shelters, as well as chemicals from destroyed solar panels and munitions potentially contaminating soil and water supplies.
The UNEP further reports that over 50 million tons of debris have accumulated due to the destruction. The cleanup of this debris and explosive materials may take up to 21 years. Gaza is only 41 kilometers (25 miles) long and 10 kilometers wide, bordered by Israel and Egypt, with its coast along the Mediterranean Sea. However, much of the region is now uninhabitable.
Before the war, Gaza’s population of 2.2 million lived primarily in its four main cities: Rafah and Khan Younis in the south, Deir al-Balah in the center, and Gaza City, home to 775,000 people. Now, nearly the entire population is displaced. According to UN estimates, more than 90% of the buildings destroyed in Gaza were residential units, with 160,000 completely destroyed and an additional 276,000 partially damaged.