“Israel” has reported financial losses amounting to $67 billion as a result of its ongoing genocidal war on Gaza, the Middle East Monitor (MEMO) news website mentioned on Saturday.

It highlighted that this figure includes $34 billion in direct military expenses and $40 billion in general budget losses, marking the largest economic setback in the Israeli occupation’s history.

Over the past year, approximately 60,000 Israeli businesses have shut down, representing a 50% increase compared to 2023, the news website said. It added that the Israeli tourism sector has also suffered significantly, with a 70% decline in visitors leading to losses exceeding $5 billion.

Meanwhile, the construction industry reported losses of $4 billion, with more than 70 companies ceasing operations, according to MEMO. Additionally, data revealed that one-third of the population under Israeli occupation now lives below the poverty line, with a quarter experiencing food insecurity.