Israel Bank: The weekly cost of the closure is about NIS 2.5 billion

The weekly cost of the closure, which will begin next week, is about NIS 2.5 billion - a figure that reflects an activity rate of about 90% in the economy, according to an analysis published by the Bank of Israel.
This is a lower cost compared to previous closures. In the second closure, in October, the cost to the economy was estimated at NIS 3.2 billion.
The Bank's analysis relies on the fact that at this stage the closure guidelines are less severe than those that were in the second closure with regard to workplaces without accepting an audience that is allowed to continue operating in part, and that the education system for young people will operate in a regular format.
The bank also assumes that it is likely that businesses in the economy continued to prepare for activity in the shadow of a closure. It further emphasizes that this is only the direct cost during the closure period, and that it does not include ongoing costs that will be incurred, for example, from business bankruptcies and ongoing unemployment.
The bank also notes that the cost estimate includes only activities whose monetary value is covered by the product definitions, so that harm to citizens' freedom of movement, benefit to non-priced individuals (nature trips, family visits), health damage as a result of postponing non-urgent medical treatment, etc. are not priced.
Yesterday, the Ministry of Finance's chief economist, Shira Greenberg, estimated that the cost of the closure decided on by the government would be NIS 3 billion a week. However, this assessment was based on the assumption that the educational institutions for young people would close at 13:00, before the government changed its decision.