The costs of war and its profits are hard to compute and are unevenly distributed. The costs are borne by the traumatised civilian populations of Ukraine and of Gaza and by the physical, social, and cultural infrastructures which support them. They also fall upon the frontline combatants of all sides, and upon the taxpayers who pay for rising military outlays. The devastation in Gaza has been especially great, including not just the loss of human life, but also the complete ruin of the economy, and the annihilation of homes, hospitals, schools, churches, mosques, and other markers of identity. Then there are the wider opportunity costs, as global militarisation crowds out social spending and humanitarian assistance and weakens cooperation on sustainable development and climate change. The profits of war and of militarisation accrue in the first place to the arms industries and military-industrial complexes of Russia, Israel, the USA, and Europe. Added to these are the drone suppliers, commodity traders, energy exporters, and political elites able in one way or another to turn a profit from the wars and from the climate of international insecurity.