Dichter: Earthquake could cost Israel NIS 150b

As reported by The Jerusalem Post, October 25, 2012

An earthquake and tsunami could cost Israel NIS 100 billion to NIS 150b., Home Front Defense Minister Avi Dichter said on Thursday.

Speaking at a meeting of economic officials convened as part of a five-day earthquake preparedness drill, Dichter said he was referring to a possible scenario in which thousands of Israeli would be killed.

The IDF Home Front Command kicked off its first national earthquake drill on Sunday at 11 a.m. The command, together with all emergency services and government ministries, simulated a major earthquake causing 7,000 “casualties.”

Participants in Thursday’s meeting included Finance Minister Yuval Steinitz, Bank of Israel Gov. Stanley Fischer, National Economic Council Chairman Eugene Kandel, Israel Securities Authority chairman Shmuel Hauser and Tel Aviv Stock Exchange CEO Esther Levanon.

Steinitz brought attention to an agreement signed in Washington on Wednesday to extend $3.8b. in US loan guarantees to Israel to 2016. He said that the deal provides an economic anchor which will make it easier for Israel to raise funds in the event of an earthquake or other emergency scenario.

On a more negative note, the finance minister accused the Defense Ministry of being the only government ministry unprepared for an earthquake.

“We are pressuring the Defense Ministry to act like all the other ministries. That way the state will improve its recovery capacity.”

Fischer said that the Bank of Israel is working diligently to prepare for disaster. He explained that bank officials are taking into account the probability that communication would be limited, and therefore are focusing on how to keep payment systems operational.

Jerusalem Post staff contributed to this report.

>> Latest News

Latest News

Give to the Rapid Response Fund: Iran & Israel War

As war erupts between Israel and Iran, people across the Epicenter are facing unimaginable fear, trauma, and loss. Cities are under fire, families are being displaced, and the need for immediate aid has never been more urgent. Through our Rapid Response Fund, we mobilize resources to provide emergency aid to those impacted in Israel and neighboring countries.

Join a Wartime Church Service with Joel & Lynn Rosenberg’s Jerusalem Congregation

As I write this, it has been 32 hours since all the cell phones in Israel woke us up at 3 am with a very unusual message: We are in a State of Extreme National Emergency. Stay near a place of shelter. All gatherings, educational and work activities are cancelled until further notice. We were told to check that our bomb shelters were prepared and stocked with food and water.

The Joshua Fund Celebrates New Leadership

The Joshua Fund’s Board of Directors is pleased to announce that, as of January 1, Joel began serving as the ministry’s Founder and President, and Lynn began serving as its Founder and Vice President. It is also our pleasure to announce that Kelli Drury, who has served with excellence in an interim role, began serving as the Executive Director of The Joshua Fund.