An estimate put the total explicit economic damage to Iran as a result of the war and blockade at $144 billion, but the true figure is believed to be much higher.

Foundation for the Defense of Democracies, a foreign policy think tank, released the report on Friday, providing one of the first explicit damage assessments of Iran’s economy. FDD’s Center on Economic and Financial Power senior research analyst Daniel Swift and FDD’s CEFP senior director Elaine Dezenski gave a wide estimate of $50 billion to $300 billion, with $144 billion being the most likely middle estimate.