Last week's events off the coast of Israel continue to resonate. Turkish-Israeli relations have not quite collapsed since then but are at their lowest level since Israel's founding. U.S.-Israeli tensions have emerged, and European hostility toward Israel continues to intensify. The question has now become whether substantial consequences will follow from the incident. Put differently, the question is whether and how it will be exploited beyond the arena of public opinion.
The most significant threat to Israel would, of course, be military. International criticism is not without significance, but nations do not change direction absent direct threats to their interests. But powers outside the region are unlikely to exert military power against Israel, and even significant economic or political sanctions are unlikely to happen. Apart from the desire of outside powers to limit their involvement, this is rooted in the fact that significant actions are unlikely from inside the region either.
The first generations of Israelis lived under the threat of conventional military defeat by neighboring countries. More recent generations still faced threats, but not this one. Israel is operating in an advantageous strategic context save for the arena of public opinion and diplomatic relations and the question of Iranian nuclear weapons. All of these issues are significant, but none is as immediate a threat as the specter of a defeat in conventional warfare had been. Israel's regional enemies are so profoundly divided among themselves and have such divergent relations with Israel that an effective coalition against Israel does not exist — and is unlikely to arise in the near future.
Given this, the probability of an effective, as opposed to rhetorical, shift in the behavior of powers outside the region is unlikely. At every level, Israel's Arab neighbors are incapable of forming even a partial coalition against Israel. Israel is not forced to calibrate its actions with an eye toward regional consequences, explaining Israel's willingness to accept broad international condemnation.