The upcoming nationwide lockdown will cost Israel roughly 5 billion shekels ($1.55 billion), according to a report released by the Bank of Israel Friday.
The Israeli government voted Wednesday night to impose a two-week lockdown nationwide, beginning on Sunday at 5:00 p.m.
Data analysis conducted by the Bank of Israel’s research division found that every week Israel remains under lockdown will cost the economy 2.5 billion shekels ($780 million) per week.
While ministers gave approve for a two-week lockdown, the measure voted on this week also leaves the door option for extensions, after the Health Ministry said the lockdown would need to last three to four weeks to be effective.
But business leaders vowed not to obey lockdown restrictions if the closures are extended beyond the initial two-week period.
“We will open business across Israel on the 10th of January,” said Shachar Turgeman, chairman of a small business association, and Ofir Sarid, chairman of the Malls Forum.
“We won’t pay the price for the government’s failures.”
The two objected to the closure of all nonessential businesses during the lockdown, noting that much of the education system would remain open.
“Business is once against the main victim of the government’s failed handling [of the crisis].”