JERUSALEM, (Reuters) – The Omicron coronavirus variant that is sweeping Israel’s economy will incur a cost of around 2 billion shekels ($641.81million) each 20 days, Amir Yaron, the governor at central bank Amir Yaron stated on Monday.

Yaron stated that at this stage, we don’t talk about macroeconomic development. According to Yaron, the economic fall would result in lower consumption as well as workers being sick and isolated.

Most estimates of the coronavirus wave are for a few weeks. This is why macroeconomic costs per confirmed case of the virus do not account for the economic cost. Yaron said that pinpoint compensations should continue to be given to the affected sectors in such an instance.

Yaron stated that government must also be prepared for the worst scenario, in which vital services might suffer as infections rise. “We aren’t there yet, but such scenarios might bring about macro-economic damages,” Yaron said.

He stated that Israel’s growth in 2022 will likely be 5.5%, with companies recovering from the Omicron wave.

Omicron has increased Israel’s daily coronavirus case count to record levels in the past week. The government has been urged to assist businesses who are suffering severe financial difficulties and they have called for greater assistance.

($1 = 3.1162 shekels)