By Staff, Agencies The new coronavirus could cause up to a one percent drop in the Zionist entity’s economic output, so-called ‘Israeli’ Finance Ministry estimated on Monday, as stocks around the globe plummeted over fears surrounding the outbreak. The ministry estimated that the epidemic is likely to cause at least a quarter of a percent in damage to the occupation entity’s economy.

The expected shortfall amounts to between $1 billion and $4 billion.

The estimates, however, do not include the possibility of a “nightmare scenario” of a widespread, destructive outbreak in ‘Israel’, the Globes business daily claimed.

The ‘Israeli’ entity has so far managed to mostly avoid the virus, with the only cases confirmed so far occurring in nationals who were aboard a cruise that became an incubator for the disease.

But the entity has also pushed hundreds of people into home quarantine and taken strict measures to prevent the entry of foreigners from a slew of mostly Asian countries, including halting flights.

So-called Finance Minister Moshe Kahlon convened an emergency meeting on the virus on Monday in occupied al-Quds, holding talks with finance authorities and the Bank of ‘Israel’.

A budget official said that the Health Ministry is likely to see a significant increase in expenses due to the virus.

The Zionist government budgets are currently frozen due to the year-long political stalemate, and fears have also arisen that the virus could chill turnout when ‘Israelis’ go to the polls next week