The vandals asked local authorities for "ransom" money.
Musk, who was born in South Africa, also said he was baptized as a child and partook in communion.
A local tree service helped remove the large banner from the seven-story statue of Jesus.
The project's budget is listed at $350,000 and is funded solely by donations.
"The reopening of this place to pilgrims and tourists will be a historic day," Father Faltas told Vatican Radio.
The previous figure on the pedestal disappeared in 2014 and it has been empty ever since.
On the 24th of September, a statue of Jesus was desecrated at Saint Joseph Catholic Cathedral in Baton Rouge, Los Angeles.
Human rights abuses and religious freedom violations remain a widespread issue in this Middle Eastern region
It is the biblical world view that provides the most secure foundation of the right to religious freedom.