The Devastating Attacks on Gaza
Since October 7, the Israeli army has been launching more than 4,300 raids on the Gaza Strip, dropping thousands of tons of bombs and explosives.
The Euro-Mediterranean Human Rights Observatory reported that Israel has already dropped over 25,000 tons of explosives on Gaza, which is equivalent to two nuclear bombs, as of November 2. This means that an average of 1,086 tons of explosives are being dropped on Gaza every day.
The Role of American-Made Bombs
The majority of the heavy bombs used in the attacks on Gaza belong to the "Mk-80" family, which are manufactured in the United States. These bombs have been in service since the Vietnam War and were extensively used during the American invasion of Iraq in 2003. Originally designed as conventional weapons with high impact, they have been modernized and equipped with advanced targeting devices, turning them into "smart bombs."
These bombs come in different sizes and types, classified based on their total weight: 120 kilograms, 250 kilograms, 500 kilograms, and 1,000 kilograms.
A 1,000-kg bomb costs $16,000 in the US Army and is sold for about $25,000 to allied countries for the traditional version.
According to the New York Times, the United States recently provided Israel with $320 million worth of precision-guided bomb equipment, which can transform conventional bombs into smart bombs.
The Israeli army also possesses American-made GBU-28 bombs, weighing 2,100 kilograms and designed to penetrate fortified targets deep in the ground. The price of each bomb is approximately $300,000.
Profits for American Arms Companies
Major arms manufacturers in the United States have seen significant increases in their shares due to the war in Gaza. Lockheed Martin, a major American defense contractor, experienced a substantial increase in its share price from 0.85% on October 6 to 8.93% on October 9, marking the largest increase since March 2020.
Similarly, RTX Corp. and Northrop Grumman witnessed their stock prices rise from 0.56% and 0.75% to 4.62% and 11.4% respectively during the same period.
General Dynamics also recorded a significant gain of approximately 10% on October 9.
The profits of American arms companies primarily stem from the increasing demand for weapons from Israel. With Israel claiming to have used over 10,000 bombs and missiles in Gaza, there is a need for a significant boost in military capabilities.
As the largest arms exporter to Israel, American arms companies are the main beneficiaries, with more than 70% of Israel's arms purchases coming from the United States. This is evident in the increased revenues of major American arms suppliers since the start of the war.
Israeli Arms Manufacturing Companies
Israeli arms manufacturing companies are also experiencing a surge in demand. All military production machines in Israel have been operating non-stop, 24/7 for over a month, including weekends. They are producing hundreds of assault rifles daily for Israeli army units on the frontlines and reserve groups, as well as personal pistols for civilians.
According to the Hebrew economic newspaper "Calcalist," more than 190,000 applications for weapons licenses have been submitted to the Ministry of National Security since the beginning of the war.
The Israeli arms industry is thriving during this time, with unprecedented demands not seen since the establishment of the state.
Source: Al Jazeera
