Tallying the global cost of the US-Israel war against Iran

The US-Israel war against Iran has caused devastating human and economic losses globally. Over 3,300 Iranians and 3,700 Lebanese have died, with Iranian authorities reporting 20 destroyed schools and 240 damaged medical facilities. Lebanon’s civilian population has been displaced by Israeli attacks, while Gulf nations faced Iranian drone strikes targeting civilians and infrastructure. The conflict has also killed 100 Iraqis, 50 Israelis, and 15 US military personnel, alongside damaging American bases in the region. The economic toll extends beyond direct casualties. A Federal Reserve index shows the war’s destabilizing impact rivals the Covid-19 pandemic and the 2022 Ukraine invasion. US and Israeli military operations cost $2 billion daily, which a UN aid official says could fund lifesaving aid for 87 million people. Uncertainty from the conflict stalls global investment and employment, exacerbating inflation and rising food and fuel prices. In Iran, US-Israel airstrikes have destroyed cultural sites, including five UNESCO World Heritage locations, and disrupted water and power supplies. Lebanon’s war with Hezbollah has become the deadliest front, with Israeli attacks displacing over 1 million people. Meanwhile, Palestinian casualties in Gaza and the West Bank continue, adding to the region’s humanitarian crisis. The war’s beneficiaries include oil companies and arms manufacturers, though the broader global economy suffers. Iranian and Lebanese hospitals, already strained, face further damage from attacks. The conflict’s long-term economic damage stems from uncertainty, which discourages investment and slows growth. The war began on February 28, 2026, after years of Israeli pressure on the US to strike Iran. Despite US administrations resisting, the escalation has now drawn in multiple regional actors, deepening instability. The human cost remains incalculable, with lives lost in Iran, Lebanon, Iraq, and beyond.