India, April 24 -- When American forces launched their 'Operation Epic Fury' against Iran at the end of February, few outside the Pentagon fully understood the price tag that would follow. Now, with a ceasefire holding for two weeks and more, the numbers are emerging. And they make for deeply uncomfortable reading if you were a defence planner in Washington, or if you are someone who worries about how wars erode the money that could be used elsewhere.

First, let's look at the numbers, and then we see what they could mean.

The US burned through approximately 1,100 Joint Air-to-Surface Standoff Missile-Extended Range (JASSM-ER) missiles during the conflict, at roughly $1.1 million apiece, according to internal Defense Department estimates...