Iran War May Cost up to $47 Billion Through April, Budget Model Predicts

Penn’s Wharton School broke down the conflict into four segments, including predictions about possible future spending.

Smoke rises following a strike, amid the U.S.-Israeli conflict with Iran, in Tehran on April 1, 2026. Majid Asgaripour/West Asia News Agency via Reuters/File Photo

The U.S. war with Iran could cost as much as $47 billion from the end of February to the end of April, according to a recent prediction from the Penn Wharton Budget Model.

The Ivy League college estimated that the conflict cost between $27 billion and $28 billion in the first 32 days, adding that the “projected two-month direct costs” would range between $38 billion and $47 billion if fighting continues through the end of the month.