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Israel is reeling from a recent missile attack by Iran that resulted in substantial damage to property and has fueled promises of retaliation. This attack has inflicted damages estimated between 150 billion to 200 billion shekels ($40 million to $53 million), according to preliminary assessments by Israel's tax authority, making it the costliest assault since the war began a year ago.

Missiles launched from Iran were intercepted over northern Israel last Tuesday. The ensuing destruction, marked by over 2,500 damage claims, predominantly affected private properties. Most claims, more than half, pertained to apartments with Hod Hasharon being one of the hardest-hit areas, reporting damage to over 1,000 homes. Additional destruction occurred in a commercial and residential complex near north Tel Aviv's coast, impairing dozens of apartments and a restaurant, while central Israel, including an empty school south of Tel Aviv, also suffered significant damage.

The Israeli Tax Authority revealed it has disbursed 1.5 billion shekels in compensation since October 7, 2023, with an additional 1 billion shekels anticipated for unsettled claims, particularly from Israel’s northern regions. Moreover, the assault has led to mass evacuations, with approximately 60,000 Israelis from northern areas and hundreds of thousands from south Lebanon fleeing due to intensified conflicts involving Hezbollah, a militant group backed by Iran.

Iran's missile campaign on October 1, declared as a reprisal for the assassinations of Hezbollah leader Hassan Nasrallah in Beirut and Hamas leader Ismail Haniyeh in Tehran, marked its second direct strike on Israel within the year. The initial attack in April consisted of 300 drones and 100 ballistic missiles, though fewer missiles breached Israel's defenses at that time compared to the recent assault, which saw advanced weaponry and increased missile penetration.

Despite the extensive damage, Israel's defense systems, particularly Arrow, intercepted the majority of approximately 200 missiles, minimizing casualties. This successful interception was praised by the head of Israel Aerospace Industries, although officials have refrained from disclosing exact interception rates. The effectiveness of widely available bomb shelters also contributed to the low number of injuries.

In light of the devastating attack, Israel’s security cabinet has been in discussions regarding potential retaliatory measures in coordination with the United States. Israeli Defense Minister Yoav Gallant's trip to Washington was postponed on Prime Minister Benjamin Netanyahu’s request, prioritizing a direct consultation with US President Joe Biden before proceeding with final decisions. As of Sunday, no further cabinet meetings have been scheduled on the matter.