A burning factory in Sderot that was hit by a rocket from Gaza on June 28. Photo: Natan Flayer via Wikimedia Commons.

JNS.org – Operation Protective Edge’s overall cost for Israel was estimated Tuesday to be $4.3 billion.

Defense officials have pegged the overall military expenditure at $2.3 billion, saying the Israel Defense Forces will revise its 2015 budget demands accordingly, Israel Hayom reported.

Israeli Tax Authority Director Moshe Asher, quoting preliminary assessments by Finance Ministry Chief Economist Yoel Naveh, said Tuesday that the Israeli economy had lost 0.5 percent in projected gross domestic product growth, estimated at $1.3 billion, during the month-long Gaza campaign.

The Tax Authority estimates that more than $14.6 million worth of property damage has been caused by rocket fire, and further predicted a drop of $438 million in tax revenue in 2014 because of the operation.

Israel is also expected to pay $29 million in restitution to southern communities affected by Operation Protective Edge.