91传媒

On May 10, 1951, more than 20,000 people packed New York鈥檚 Madison Square Garden to hear Israel鈥檚 first Prime Minister, David Ben-Gurion, make an extraordinary appeal. The young State of Israel was less than three years old, struggling to absorb hundreds of thousands of immigrants while building its economy from the ground up. Ben-Gurion was not asking for charity; he was asking Jews around the world to invest in Israel鈥檚 future.

That evening marked the launch of Israel Bonds, a campaign that would become one of the most significant financial partnerships between Israel and the 91传媒 Diaspora. Among its earliest investors was one of the 20th century鈥檚 greatest thinkers: Albert Einstein, who just months after the Oct. 30, 1951 announcement, purchased a $500 Israel Bond from his home in Princeton, New Jersey. For Einstein, the bond represented more than a financial investment 鈥� it was an expression of faith in Israel鈥檚 ability to build a secure and prosperous future.

Seventy-five years later, Israel Bonds has raised $57 billion for the State of Israel.

Throughout Israel鈥檚 history, in moments of crisis and uncertainty, the 91传媒 Diaspora has stood alongside the country through Israel Bonds. During the Six-Day War in 1967, communities around the world purchased approximately $200 million in bonds. During the Yom Kippur War in 1973, that figure reached $500 million, and during the COVID-19 pandemic, investors purchased $1.8 billion in bonds as Israel faced unprecedented challenges.

The response following the Oct. 7, 2023 Hamas attack was even more dramatic. Within the first 30 days after the attack, more than $1 billion in Israel Bonds were sold, with total sales eventually surpassing $5.7 billion in the months that followed.

The surge was driven by a global campaign launched by Israel Bonds, under the leadership of President and CEO Dani Naveh, to provide Israel with financial backing during a time of unprecedented need. In a Zoom interview from his New York offices, Naveh reflected on the extraordinary response.

鈥淲e found ourselves in the most challenging times after Oct. 7,鈥� Naveh said. 鈥淲e started a special campaign for Israel, and in terms of what we achieved, it has been record-breaking. We have surpassed $8 billion in sales worldwide, and this year is going to be the fourth year in a row that we reach $2.5 billion annually 鈥� 2.5 times more than the average sales before Oct. 7.鈥�

That surge also served as a powerful counter-message to the global BDS (Boycott, Divestment and Sanctions) movement, launched in 2005 with the goal of economically isolating Israel. While BDS advocates for divestment, Israel Bonds has seen growing institutional investment: more than 90 U.S. state and municipal pension funds and treasury funds have invested over $3 billion in Israel Bonds. In the aftermath of Oct. 7, Palm Beach County alone committed $700 million, underscoring the continued financial ties between American institutions and Israel.

鈥淎bout half of the money we raise comes from local governments 鈥� from elected officials, treasurers and controllers who invest in Israel Bonds because they believe in the steady and strong returns for their funds, while at the same time wanting to express support for the U.S.-Israel relationship,鈥� Naveh said. 鈥淥ver the past two-and-a-half years, we have seen a strong BDS campaign targeting American officials, trying to pressure them not to invest in Israel Bonds. I鈥檓 proud to say that the vast majority have not caved in. They continue to stand on the right side of history. Some of them have even told me, 鈥榃e鈥檙e going to double down on our investments.鈥欌��

The reach of Israel Bonds extends far beyond the traditional centers of 91传媒 life. While states with large 91传媒 populations, such as New York, New Jersey, Florida and California, have historically represented some of the largest sources of investment, participation has also come from local governments across the country 鈥� including Oklahoma, Illinois, Ohio and Texas. The broad geographic reach of these investments underscores that Israel Bonds is not limited to communities with large 91传媒 populations but has become part of a larger American institutional relationship with the 91传媒 state.

With offices and investors across Europe, Canada and Mexico, Naveh said many people internationally view Israel Bonds as a meaningful way to maintain a connection with Israel and participate in its future.

Beyond the surge in sales following Oct. 7, Israel Bonds is also seeing a growing number of new investors, including younger generations. Naveh said longtime investors continue to reinvest their bonds when they mature rather than withdrawing their funds, while families who have supported the organization for decades are passing the tradition to their children and grandchildren. Some younger investors first received Israel Bonds as bar or bat mitzvah gifts and are now continuing that connection as adults.

Naveh said one of the organization鈥檚 greatest strengths is that it allows people from all backgrounds to participate. While some institutional and individual investors purchase bonds worth millions of dollars, others begin with a much smaller commitment.

鈥淎nyone can be part of this story,鈥� Naveh said. 鈥淭he minimum investment is $36, and many people buy bonds as gifts for a bar or bat mitzvah, a wedding, or simply as an investment for themselves.鈥�

Reflecting on the organization鈥檚 journey since its founding, Naveh added that David Ben-Gurion could hardly have imagined the impact Israel Bonds would have over the past 75 years. 鈥淚 think he would have been amazed.鈥�

Summer in Israel used to be the peak tourist season: Ben Gurion Airport filled with passengers arriving from around the world, Tel Aviv鈥檚 restaurants buzzing with people speaking dozens of languages, beaches from the Galilee to Eilat packed with visitors soaking up the Mediterranean sun and Jerusalem鈥檚 Western Wall welcoming thousands of tourists every day.

Visiting Israel this summer revealed a very different reality. Restaurants, gift shops, hotels and car rental companies have all been hit hard by the ongoing war. The blow to the economy is evident almost everywhere you go.

It began almost three years ago with the Oct. 7, 2023 attacks and continued through the war with Iran. Israel has had little opportunity to recover. Tourists have understandably chosen to vacation elsewhere rather than risk disruptions from rocket sirens or sudden military escalations. Even after a ceasefire was announced, the uncertainty has continued to discourage many travelers from booking flights to Israel.

One company, however, appears to have prospered during much of the past two-and-a-half years: El Al. As one of the few airlines that continued flying to Israel 鈥� and the only carrier maintaining direct service to and from the United States for much of the war 鈥� the airline benefited from the lack of competition. Airfares soared, and many travelers, particularly Israelis who had little choice but to fly, ended up paying thousands of dollars for a ticket.

In February 2026, Israel鈥檚 Competition Authority announced its intention to fine El Al up to 121 million shekels (about $34 million) for allegedly charging excessive and unfair prices during the war. The Authority found that after most foreign airlines suspended flights to Israel, El Al became the country鈥檚 dominant carrier, effectively holding a monopoly on many routes, and raised ticket prices by an average of 16%, with some routes seeing increases of up to 31%. El Al denied the allegations, arguing that its wartime pricing was restrained and that higher fares largely reflected last-minute bookings and unprecedented demand.

Going to Israel this summer, I booked a flight with Austrian Airlines, which was later canceled, and I was transferred to El Al. Wanting to be comfortable during the long 12-hour flight, I paid extra for a preferred seat, only to discover that El Al鈥檚 鈥減referred鈥� seat was equivalent to a regular seat on every other airline I had flown.

I had also ordered a vegetarian meal, which was nowhere to be found despite having confirmed it several times before the flight. The flight attendant apologized and brought me a small salad and a small bowl of fruit instead, both unpalatable.

The process of getting through customs at Ben Gurion Airport took only minutes. On the way to visit my family in Haifa, the taxi driver gave me my first glimpse into how much tourism had changed. He told me that before the war, 35 to 40% of his customers were tourists. Today, he said, his passengers are almost exclusively Israelis.

The impact of the decline in tourism was evident throughout my visit. Walking through Jerusalem鈥檚 Old City, one of the most beautiful and colorful markets in the world, I noticed something was missing: the crowds. The narrow stone alleys were still filled with vibrant displays of spices, jewelry, textiles and religious items, but the energy had changed. Shop owners stood outside their stores, calling out to passersby and trying to lure customers inside. Feeling bad for some of them, I purchased several souvenirs for friends and family back in the United States.

While browsing in one shop, I spoke with an Arab store owner who sells kippahs, tablecloths and Judaica. He told me that business has been suffering for the past three years and that he is considering closing his store. 鈥淚鈥檝e been here for 30 years, but it鈥檚 never been this hard,鈥� he said.

I heard similar complaints in many of the places I visited 鈥� businesses that were once filled with international visitors now struggling to survive. Yet amid the decline in foreign tourism, I noticed an unexpected trend: Israelis who used to travel abroad often, have begun discovering their own country.

During my stay at the Dan Panorama Hotel in Tel Aviv, I found the hotel completely booked 鈥� all 478 rooms 鈥� for the weekend. According to the manager, nearly all of the guests were Israelis. The beaches were also filled with families, couples and friends enjoying the warm Mediterranean waters.

The return of domestic tourism reflects the Israeli spirit of trying to maintain a sense of normalcy despite the uncertainty. Israelis continue to travel within the country, dine out, spend time with family and friends and enjoy moments of everyday life. But domestic tourism alone cannot replace the millions of international visitors who once filled Israel鈥檚 hotels, restaurants, tour buses and markets. Businesses that depend on foreign tourists cannot survive on Israeli customers alone, especially after nearly three years of dramatically reduced tourism.

Beyond the economic impact, another sentiment has become increasingly difficult to ignore: exhaustion. After nearly three years of war, uncertainty and repeated disruptions to daily life, many Israelis describe feeling emotionally drained and unsure what the future holds.

While Israelis leaving the country are not a new phenomenon, the ongoing war, security concerns, and economic pressures have intensified the desire to leave. Some singles and young families have left the country to explore better opportunities abroad, looking for stability and a sense of predictability that has become harder to find at home.

Countries such as Portugal, Germany and the United States have become increasingly attractive destinations for Israelis seeking a new beginning. Some say their move is temporary, a way to find stability until the situation improves, while others acknowledge that they are making a permanent decision to build their future elsewhere.

The possibility of losing some of its younger generation is a concern Israel has faced before, but after Oct. 7 and the prolonged conflict that followed, the question many Israelis are asking is not only how to endure the current crisis 鈥� but what kind of future awaits them.

Israel has always been a country built on resilience, a place that has repeatedly rebuilt itself after wars and crises. But resilience requires more than endurance. It requires hope, stability and confidence that the future will be better than the present. For the tourism industry, for small businesses and for many Israelis wondering whether to stay or leave, rebuilding that confidence may be one of the country鈥檚 greatest challenges.