Israeli Defense Minister Ehud Barak said Thursday that if sanctions on Iran do not prove effective, Israel will consider initiating military action to thwart the Islamic republic's nuclear program.

"Should sanctions fail to stop Iran's nuclear program, there will be a need to consider taking action," Barak said.

Addressing the public at the closing of the Herzliya Conference, Barak noted that Israel is willing to take action before it is " too late."

"There is widespread international belief that it is vital to prevent Iran from turning 'nuclear' and that no option should be taken off the table," he said.

Barak noted the need for action before Tehran reaches nuclear capacity, which Iran insists is only for civilian purposes, in order to prevent Iran from becoming a global menace, the Ha'aretz newspaper reported.

"Whoever says 'later', could find that it is too late," Barak said.

Israeli Vice Prime Minister Moshe Ya'alon also warned on Thursday against the consequences of an "nuclear Iran", stressing that it could be a "nightmare to the free world."

However, Ya'alon, who is also the Israeli strategic affairs minister and former Israel Defense Force chief of staff, said that the West could carry out a military strike against any of Iran's nuclear facilities.

"Any facility defended by a human being can be penetrated," he said, "Any facility in Iran can be hit, and I speak from experience as the IDF chief of staff."

Earlier Thursday, Israel's director of military intelligence, Maj.-Gen. Aviv Kochavi, told the Herzliya conference that Iran is prepared now to produce nuclear bombs.