President Joe Biden announced a U.S.-brokered ceasefire between Israel and Hezbollah in Lebanon, set to begin Wednesday at 4 a.m. local time.

The conflict over the past year has resulted in dozens of deaths in Israel, hundreds in Lebanon, and the displacement of tens of thousands on both sides.

Israeli Prime Minister Benjamin Netanyahu's Cabinet approved the ceasefire deal, with 10 ministers in favor and one against.

Since October 7, 2023, more than 3,820 people have been killed in Lebanon due to Israeli bombing, and around 1.2 million people have been displaced.

The World Bank estimated the cost of physical damage and economic losses in Lebanon due to the conflict at $8.5 billion.