Israel’s Ministry of Finance reported that the country could face economic losses of about $3 billion per week due to the ongoing war with Iran. The ministry stated on Wednesday that restrictions under the Home Front Command’s ‘red’ alert have limited workplace attendance, closed schools, and mobilized reserve forces, leading to an estimated weekly loss of 9.4 billion shekels starting next week.

The conflict intensified after a joint U.S.-Israel strike in Iran last Saturday killed Iran’s Supreme Leader Ayatollah Ali Khamenei and several senior officials. In response, Tehran launched retaliatory attacks targeting U.S. bases and Israeli facilities across the Middle East, according to Reuters.

The ministry’s projection highlights the severe economic strain Israel faces as military operations and emergency restrictions disrupt normal economic activity.