Bank of Israel Governor Stanley Fischer said Israel may face an economic crisis in the aftermath of a possible Israeli strike on Iran, and that the country is “preparing itself for all possible scenarios.”

Fischer made the statements during an interview with Channel 2 News after he was asked whether Israel has a contingency plan for the day after a possible strike on Iran.

“The main responsibility of every country is to protect its security… and if more money needs to be taken out for the country to defend itself, then that’s what needs to be done,” said Fischer.

He said a strike on Iran may cause an economic crisis but did not comment on how far-reaching such a crisis would be. “It’s very hard to know,” he said. He confirmed that the country is preparing itself financially for a scenario in which Israel’s “security has been compromised.”

He avoided questions on whether recent budget cuts and tax hikes by Prime Minister Benjamin Netanyahu and Finance Minister Yuval Steinitz are preparatory steps for a possible economic crisis in the wake of a strike on Iran.