Pentagon · Donald Trump · Iran · U.S. · US Congress · Fortune Technology
The Pentagon said Iran War costs $29 billion,but the real cost is closer to $200 billion—and counting
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After nearly four months of fighting, a blockade of one of the world’s busiest shipping corridors, a threat of “annihilation” of an entire country, and a shaky ceasefire, the war in Iran is over—or so it seems.
Key facts
- On May 12, Acting Pentagon Comptroller Jules Hurst III told the House Armed Services Committee that the war had cost $29 billion
- As of June 23, Americans have paid an extra $61.7 billion for gasoline and diesel since Feb. 28, according to Brown University’s tracker
- Take for example the first 48 hours of the war, in which the U.S. spent $1 billion—and initially continued spending continued at a rate of $1 billion a day
- That includes 228 structures that have been severely damaged, which, according to her estimates, can cost $200 to $300 billion to repair over the next three to five years
Summary
On Monday, the Department of Defense told senators it needed an additional $80 billion to cover the cost of U.S. involvement in the conflict, weeks after warning that the military could potentially run out of money should Congress not pass a new spending bill. After nearly four months of war, the conflict has reshaped key parts of the U.S. and global economies for years, if not decades to come. “I don’t think about Americans’ financial situation,” Trump said in May. The war has cost U.S. taxpayers and consumers at least $132 billion so far, according to Moody’s Analytics, but the cost to Americans is far from over and could last generations.